Recently, new developments have surfaced for the approximately 80,000 Bitcoins (BTC) thought to be held by the Luna Foundation Guard behind the Terra ecosystem. According to recent transactions tracked, 80,000 BTC are allegedly sent to Binance and Gemini. Here are the details…
Where are Terra’s BTC reserves?
As we have reported as Kriptokoin.com, the Terra (LUNA) ecosystem currently has 80,000 BTC. Therefore, it is stated that the aforementioned 80,000 BTC amount is attributed to the Luna Foundation Guard, the treasury organization behind the ecosystem. However, it is widely claimed that 80,000 BTC is currently sent to Gemini exchange and Binance. So what does this mean?
Terra (LUNA) foundation allegedly sent over $2 billion in Bitcoin to Gemini and Binance. As it is known, as the price of LUNA and stablecoin UST fell, questions began to arise about the whereabouts of the approximately 80,000 Bitcoins belonging to the ecosystem. Binance CEO, Changpeng Zhao (CZ), first raised the question on Twitter when asked where Terra’s Bitcoin reserves were going, while giving his personal opinion on challenging Blockchain.
Sending Bitcoin (BTC) to famous exchanges
Accordingly, Luke Martin, an active member of the crypto community on Twitter, said that LFG is transferring funds to two destinations. Reportedly, based on Elliptic’s data analysis, Martin confirmed that initially 52,000 BTC was sent to Gemini and 28,000 BTC to Binance. According to CryptoQuant, 37,000 BTC was sent to Gemini on May 9. These 37,000 BTC were lent to market makers with funds to save the ecosystem from collapse. As of writing, Terra has not released any information about where their Bitcoins are held, but Terra’s CEO, Do Kwon, has previously indicated that the ecosystem’s Bitcoin movement is coming soon and will be made public.
As it is known, the prices will be changed from $85 on May 5 to May 12. It took just seven days for the Terra (LUNA) ecosystem to shake, as the ta dropped to about $0. LUNA’s trading volume has seen a steep recovery as the market is slowly gaining clarity on what’s going on. Transaction volume was measured at over 200 percent over the weekend.
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