The cryptocurrency community has been analyzing Luna Foundation Guard's (LFG) bitcoin acquisitions over the last week, since onchain data indicates LFG's bitcoin wallet presently has 24,954.95 bitcoin worth $1.1 billion. LFG's Gnosis safe address reveals that 660.6 million tethers have been transmitted out of the foundation's wallet in the previous four days.
Do Kwon Confirms LFG Owns Bitcoin Wallet
The Luna Foundation Guard's bitcoin wallet owns 24,954.95 BTC worth $1.1 billion as of March 26, 2022. After Terra's inventor Do Kwon recently hinted about the blockchain project employing bitcoin-linked tokenomics, the address has gathered a significant amount of bitcoin over the previous four days. Do Kwon, Terra's founder, responded to a question about why the project chose bitcoin (BTC) as its reserve asset:
Bitcoin is the only digital currency that has been demonstrated to be a hard reserve asset... It is quite difficult for someone in the crypto community to cast doubt on bitcoin.
Following the announcement, the community noted activity emanating from a Gnosis safe address allegedly controlled by the LFG. Furthermore, Bitcoin Magazine tweeted about the LFG's bitcoin account, claiming that the foundation has confirmed the address and purchases "to support its UST stablecoin." Following the assertion, the news organization validated the tweet in a story on March 25, saying, "Terraform Labs CEO Do Kwon confirmed through email on Wednesday that the address actually belongs to LFG."
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| On March 26, 2022, at 1:00 p.m. (ET), LFG’s bitcoin wallet holds 24,954.95 bitcoin worth over $1.1 billion. |
'Buying $125 million in Bitcoin every day for three months is a lot,' says 3AC co-founder.
The LFG bitcoin address has continued to accrue BTC since then, with the most recent transaction showing it received 493 BTC on March 26 at 5:18 a.m. (UTC). The address has never transmitted a single satoshi out of the wallet, which owns 24,954.95 bitcoin worth $1.1 billion. The Gnosis safe address has transmitted four USDT transactions totaling $125 million, with the most recent tether transaction totaling 160,750,000 USDT.
According to oxt.me statistics and bitquery.io's money movement metrics, the bitcoin address that has been transferring BTC to the LFG bitcoin address has been marked as a "Binance hot wallet." The LFG bitcoin address receives all of its BTC inputs from the marked Binance hot wallet. In the case of the Gnosis safe address, there is still enough money in the wallet to keep buying BTC on a daily basis.
The Gnosis safe address now has $715.2 million in tether (USDT) and $398.23 million in USD currency in its wallet (USDC). The buying binge has also sparked a lot of debate among the crypto community. Kyle Davies, the co-founder and chairman of Three Arrows Capital (3AC), tweeted, "I can tell some of you haven't executed size before." "Let me tell you, $125 million in [bitcoin] every day for three months is a lot."
Source: Bitcoin.com
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