Luna Foundation’s Bitcoin Reserve Wallet Now Holds $1.1 Billion in BTC – Bitcoin News
During the last week, the cryptographic money local area has been talking about the bitcoin buys made by Luna Foundation Guard (LFG), as onchain information shows LFG’s bitcoin wallet as of now holds 24,954.95 bitcoin worth $1.1 billion. LFG’s Gnosis safe location shows in the course of the most recent four days, there’s been 660.6 million ties conveyed of the establishment’s wallet.
Do Kwon Confirms Bitcoin Wallet Belongs to LFG
On March 26, 2022, the Luna Foundation Guard’s bitcoin wallet holds 24,954.95 BTC worth $1.1 billion. During the most recent four days, the location has gathered a monstrous number of bitcoin after Terra’s organizer Do Kwon as of late indicated the blockchain project utilizing bitcoin-connected tokenomics. After somebody asked Terra’s originator for what good reason the task chose to pick bitcoin (BTC) for a save resource, Do Kwon replied:
Bitcoin is the main hard hold resource that has been demonstrated out of the advanced monetary standards… It is extremely challenging for someone in crypto to address bitcoin.
After the assertion, the local area saw development coming from a Gnosis safe address that is supposedly possessed by the LFG. Moreover, the news distribution Bitcoin Magazine tweeted about the LFG’s bitcoin address and said the establishment affirmed the location and buys “to back its UST stablecoin.” Following the articulation, on March 25, the news distribution further confirmed the tweet in an article that said: “Terraform Labs founder Do Kwon on Wednesday confirmed via email that the address indeed belongs to LFG.”
On March 26, 2022, at 1:00 p.m. (ET), LFG’s bitcoin wallet holds 24,954.95 bitcoin worth more than $1.1 billion.
3AC Co-Founder Says ‘Buying $125 Million a Day of Bitcoin for Three Months Is a Lot’
Since then, the LFG bitcoin address keeps on gathering BTC as the last exchange shows it acquired 493 BTC on March 26 at 5:18 a.m. (UTC). It holds 24,954.95 bitcoin worth $1.1 billion and the location has never sent a solitary satoshi out of the wallet. The Gnosis safe location has sent four USDT exchanges worth around $125 million and the last tie send was for 160,750,000 USDT.
The bitcoin address that has been sending BTC to the LFG bitcoin address has been hailed as a “Binance hot wallet,” as per oxt.me data and bitquery.io’s money flow stats. All of the BTC inputs that are held in the LFG bitcoin address got from the hailed Binance hot wallet. Taking everything into account, there is still a lot of assets in the wallet to keep buying BTC on an everyday basis.
Currently, the Gnosis safe location holds $715.2 million in tie (USDT) and $398.23 million in usd coin (USDC). The buying binge has additionally caused a great deal of conversations inside the crypto local area. “I can tell some of you have not executed size before,” Kyle Davies, the prime supporter and executive of Three Arrows Capital (3AC) tweeted. “Let me tell you buying $125mil/day of [bitcoin] for 3 months is a lot.”
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What is your take on the LFG’s heap of bitcoin saves? Tell us your opinion regarding this matter in the remarks area below.
Jamie Redman
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