80,394 Bitcoin in LFG Reserve Moved to Gemini and Binance, Said Elliptic

May 15,2022,16:38

According to blockchain analysis company Elliptic, Luna Foundation Guard (LFG), a non-profit organization on Terra ecosystem, purchased 80,394 Bitcoin for its reserve between January and May, which were worth $3.5 billion at the time. After LFG announced that it would loan $750M worth of Bitcoin to OTC trading firms to help protect the $UST peg on May 9th, 52,189 Bitcoin were moved to crypto exchange Gemini within around a day. Another 28,205 Bitcoin were moved to Binance on May 10th. Elliptic said that it was not possible to trace the assets further or identify whether they were sold to support the $UST price.

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