As the cryptocurrency industry continues to be shaken by the Terra blockchain’s failure and the price crash of its native token, LUNA, and its algorithmic Stablecoin, UST, suspicions have arisen concerning the whereabouts of around 80,000 Bitcoin units belonging to the ecosystem.
The claimed bitcoin was intended to be held in trust by the Luna Foundation Guard, a non-profit organization tasked with maintaining the ecosystem.
Changpeng Zhao, the CEO of the world’s largest crypto exchange by trading volume, first posed the issue on Twitter, asking where Terra’s Bitcoin reserves had gone, after expressing his own views on the beleaguered blockchain.
Bitcoin sent to Gemini and Binance
In response to the question, Luke Martin, a prominent member of the cryptocurrency community on Twitter, claimed that the Foundation moved the funds to two destinations, citing Elliptic, a crypto analytics firm.
The first 52k was routed to Gemini, with the remaining 28k going to Binance. Another crypto analytic site, CryptoQuant, said that on May 9, 37k was delivered to Gemini. The foundation has leased these 37k units to market makers in an effort to prevent the ecosystem from collapse.
As of press time, the LUNA foundation has not revealed where its bitcoin holdings are, although Terra CEO Do Kwon has previously claimed that the ecosystem’s bitcoin movement will soon be made public.
He also took use of the chance to appeal for patience, saying that his team is, “juggling multiple tasks at the same time.”
LUNA Award
Today, the cryptocurrency has continued to decline and now has the potential to go even further. With a 24-hour trading volume of $5,412,174,518 and an actual market cap of $1,860,988,288, LUNA is currently trading at $0.00028400, down 32.88%.
