This week there’s been a lot of talk about Terra’s Luna Foundation purchasing bitcoin to hold in its reserves pool. Onchain data shows the organization’s wallet has transferred at least three tranches of tether worth $125 million each. Furthermore, reports show that the Luna Foundation has confirmed the recent bitcoin purchases.
Onchain Data Indicates Terra’s Luna Foundation Sent 3 Tether Slices To Buy Bitcoin, Foundation Confirms Bitcoin Address
Two days ago, Bitcoin.com News reported that Terra founder Do Kwon was discussing how he looks forward to building with bitcoin. In the report, on-chain accounts and data showed that $125 million in tether (USDT) was transferred from a wallet believed to be from Terra’s Luna Foundation.
The wallet is a Gnosis safe address and it holds $1.39 billion in ERC20-based stablecoins like tether (USDT) and usd coin (USDC). After the first transfer of $125 million in tether two days ago, there’s been two more transactions of the same amount. On March 23, $125 million in tether was moved and then the following day $124.9 million in USDT was transferred.
While speculation about the buys has been circulating heavily on social media and forums, the official Bitcoin Magazine Twitter account tweeted March 23: “Luna Foundation confirms purchase of 6,000 bitcoins worth $250 million to back its stablecoin UST.”
Additionally, the Twitter account left a Blockchair explorer PDF document that shows the Luna Foundation’s BTC address. The Twitter account further added that “the 5,934 bitcoin – purchased today and yesterday – will be wrapped on Cosmos and deposited in smart contracts supporting the algorithmic stablecoin.”
Blockchair’s blockchain explorer shows that the wallet currently holds 18,423 BTC worth $788.5 million. The last transaction he received was 440 BTC, but he also received transactions of around 1,499, 999, 469, 498, 499, 500, and 501 BTC first received on March 23, 2022.
The transactions were sent with no privacy tactics as Blockchair’s privacy-o-meter tool gives most of the transactions a privacy score of “critical” or 0. The last transaction stemming from the wallet had three critical issues tied to the privacy of the transaction and one privacy vulnerability was “matched addresses.”
At the time of writing, the Terra-owned Gnosis secure address still has $999.35 million in tether (USDT) and $397.23 million in coins (USDC) .
