During the last week, the cryptocurrency community has been discussing the bitcoin purchases made by Luna Foundation Guard (LFG), as onchain data shows LFG’s bitcoin wallet currently holds 24,954.95 bitcoin worth $1.1 billion. LFG’s Gnosis safe address shows over the last four days, there’s been 660.6 million tethers sent out of the foundation’s wallet.
Do Kwon Confirms Bitcoin Wallet Belongs to LFG
On March 26, 2022, the Luna Foundation Guard bitcoin wallet contains 24,954.95 BTC worth $1.1 billion. Over the past four days, the address has racked up a massive amount of bitcoin after Terra founder Do Kwon recently hinted at the blockchain project leveraging bitcoin-related tokenomics. After someone asked Terra’s founder why the project decided to choose bitcoin (BTC) as a reserve asset, Do Kwon replied:
Bitcoin is the only hard reserve asset that’s been proven out of the digital currencies… It is very difficult for somebody in crypto to question bitcoin.
After the declaration, the community noticed a movement coming from a Gnosis secure address which is believed to belong to the LFG. Additionally, news publication Bitcoin Magazine tweeted about the LFG’s bitcoin address and said the foundation had confirmed the address and purchases “to support its UST stablecoin.” Following the claim, on March 25, the news publication confirmed the tweet in a post that read, “Terraform Labs founder Do Kwon confirmed via email on Wednesday that the address does indeed belong to LFG. “
3AC Co-Founder Says ‘Buying $125 Million a Day of Bitcoin for Three Months Is a Lot’
Since then, the LFG bitcoin address continues to accumulate BTC as the last transaction shows it obtained 493 BTC on March 26 at 5:18 a.m. (UTC). It holds 24,954.95 bitcoin worth $1.1 billion and the address has never sent a single satoshi out of the wallet. The Gnosis safe address has sent four USDT transactions worth around $125 million and the last tether send was for 160,750,000 USDT.
The bitcoin address that sent BTC to the LFG bitcoin address has been flagged as a “Binance hot wallet”, according to oxt.me data and bitquery.io money flow statistics. All BTC entries that are held in the LFG bitcoin address derived from the marked Binance hot wallet. As for the Gnosis secure address, there are still plenty of funds left in the wallet to continue buying BTC daily.
Currently, the Gnosis safe address holds $715.2 million in tether (USDT) and $398.23 million in usd coin (USDC). The purchasing spree has further caused a lot of discussions within the crypto community. “I can tell some of you have not executed size before,” Kyle Davies, the co-founder and chairman of Three Arrows Capital (3AC) tweeted. “Let me tell you buying $125mil/day of [bitcoin] for 3 months is a lot.”
