2 years ago
Summary:
- The crypto assemblage has begun investigating the travel of the Luna Foundation Guard’s Bitcoin reserves during USTs depegging event
- According to 1 analysis, 52k Bitcoin was sent to Gemini and different 28k to Binance, but it is not wide if the assets were sold
- Another investigation by CryptoQuant states that 37k BTC moved from the LFG wallet to Gemini, but determination was nary important increment successful commercialized volume
Bitcoin reserves held by the Luna Foundation Guard (LFG) person been the taxable of speculation arsenic to wherever each that BTC went during the depegging of UST.
According to crypto-twitter assemblage subordinate Luke Martin, the Luna Foundation Guard transferred 52k Bitcoin to Gemini and different 28k BTC to Binance during a play of a fewer hours. Mr. Martin was responding to an earlier Tweet by CZ questioning what happened to each the Bitcoin that the Luna Foundation Guard owned and whether it was utilized arsenic intended arsenic a reserve for UST.
Apparently 52k $btc was sent to Gemini and the remainder (28k btc) was sent to Binance astatine 1am successful a azygous transaction. https://t.co/FFv9WKpTR6 pic.twitter.com/Wuf0GEDzeT
— Luke Martin (@VentureCoinist) May 14, 2022
It is Not Clear Whether the Luna Foundation Guard Sold the Bitcoin
Mr. Martin was quoting an analysis done by the squad astatine Elliptic.co, which highlighted that the transfers of Bitcoin by the LFG started connected the greeting of May 9th. The archetypal transaction by the LFG was worthy 22,189 BTC and was sent to a caller address. Later on, different 30k BTC was sent from different LFG wallets to the aforesaid address. Within hours, 52,189 BTC was sent to a azygous relationship astatine Gemini. On May 10th, a abstracted 28,205 BTC was sent to Binance.
The infographic beneath further gives a elaborate travel of the funds.
Movement of LFG’s Bitcoin. Source, Elliptic.coThe study further clarified that it was ‘not imaginable to hint the assets further oregon place whether they were sold to enactment the UST price.’
37k Bitcoin had Been Loaned to Market Makers connected May 9th
Similarly, the squad astatine CryptoQuant had investigated the question of the LFG’s Bitcoin and concluded that 37k Bitcoin moved into Gemini connected May 9th.
However a time earlier, a akin magnitude had near Gemini to different exchanges. The deposit connected May 9th connected Gemini did not origin a important increment successful commercialized measurement connected Gemini, but it went connected to skyrocket successful different exchanges.
The 37k Bitcoin mentioned supra had been loaned to marketplace makers to effort to stabilize USTs peg. The Luna Foundation Guard had gone up and alerted the crypto assemblage connected the question of the 37k Bitcoin done the pursuing tweet.
Below is the caller LFG $BTC wallet address: https://t.co/9t0NX3VEMI
Last clip withdrawn by the LFG was ~37K BTC. Similar to the past deployment, it has been loaned to MMs.
Very small of the caller clip has been spent but is presently being utilized to bargain $UST.
Updates coming.
— LFG | Luna Foundation Guard (@LFG_org) May 9, 2022
Do Kwon Had Indicated that Terra Will Release Documentation connected the Movement of LFG’s Bitcoin
As earlier mentioned, the question of the LFG’s Bitcoin reserves has been the taxable of speculation for the past fewer days. Consequently, Do Kwon had requested patience successful documenting the question of the funds during this trying play for the squad astatine Terra. He said:
We are presently moving connected documenting the usage of the LFG BTC reserves during the depegging event. Please beryllium diligent with america arsenic our teams are juggling aggregate tasks astatine the aforesaid time.
English (US) 