Nothing overnight Unless they have been disconnected from all networks for a week, any crypto investor is now aware of The disaster that affected the Terra project (LUNA) and its stable currency UST. A few days before the disaster Luna Guard Foundation (LFG) more than owned by 80,000 Bitcoin (BTC) Where did they go? The answer is in this article.
Has Nearly $3 Billion of Bitcoin Gone to Smoke?
The Luna Guard Foundation It was the non-profit purpose of making it Reservations Peer (particularly in Bitcoin) to ensure stablecoin indexing TerraUSD (UST) on the US dollar. And before the disaster began on May 9, 2022, things were apparently going well.
In fact, as revealed in LFG’s recent tweet (below), the reserves were still made up of 80,394 Bitcoin On May 7, roughly equivalent to 2.9 billion of dollars at this moment. This does not count tens of millions of dollars in other cryptocurrencies, such as BNB and AVAX or USDT and USDC.
It turns out that in the first two days of the catastrophe (May 9 and 10), more than 99% From BTCs transferred from LFG reserves to accounts on two crypto exchanges: Twins And Binance.
Luna Foundation Tried to Install Underground Vaults by Selling BTC on Gemini and Binance
Like the Reports Analysis by Elliptic, 52189 Bitcoin Moved to the platform Twins From May 9. 28,205 Bitcoin They have also been transferred to Binance Around 3 AM on May 10 (French time).
from Indexing loss From UST on Dollars, Luna Foundation Guard Started by for sale All stablecoins USDC And USDTbefore starting the filter Bitcoin With a vengeance on May 10.
LFG directly sold US$26 million and US$23 million for a total of US$50,200,071. It transferred 52,189 BTC in exchange for a counterparty (Gemini) (…) for a total amount of 1.5 billion USD. »
The killer chain reaction was quick to continue after that, with Sell 33206 Bitcoin. As of Monday, May 16, 2022, there was only 313 Bitcoin In the Luna Foundation Guard reserve, which is less in value – $9.4 million – Of the 39,914 BNB that were not affected – Approximately $12 million.
If there is almost nothing left in Bitcoin in its reserves, then fortunately LFG has a good amount ofAVAX from the Avalanche project in its reserves. In fact, these are now the ones who make up the bulk of the remaining crumbs For the Luna Foundation, AVAX is currently valued at around 2 million 65 million dollars. It will remain, in all and for all, almost $90 million of crypto assets in LFG reserves.
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