Terra Luna: $ 3 billion missing in Bitcoin in reserves

Nothing overnight – Unless you’ve been cut off from all networks for a week, any crypto enthusiast is now aware of the disaster that affected the Earth project (LUNA) and its stable currency UST. A few days before the disaster, the Luna Foundation Guard (LFG) owned more than 80,000 bitcoins (BTC) where did they go? The answer in this article.

Nearly $ 3 billion of Bitcoin disappeared?

He Luna Foundation Guard it was for the non-profit purpose of doing reservations counterpart (especially in bitcoins) to ensure stable currency indexation TerraUSD (UST) on the US dollar. And before the cataclysm began on May 9, 2022, things seemed to be going pretty well.

In fact, as revealed in a recent LFG tweet (below), the reserves were still made up of 80,394 bitcoins on May 7, the giant equivalent of approx 2.9 billion of dollars at this moment. Not to mention the tens of millions of dollars in other cryptocurrencies, such as BNB, AVAX or the USDT and USDC stablecoins.

It turns out that in the first two days of the disaster (May 9 and 10), more than 99% of these BTCs were transferred from LFG reserves to accounts in two exchanges: Twins i Binance.

Twitter account @LFG_org

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Luna Foundation tried to stabilize UST by selling BTC to Gemini and Binance

According to the analysis carried out by the company Elliptic, 52,189 BTC have been moved to the platform Twins from May 9th. 28,205 BTC they were also moved to Binance around 3 am on May 10 (French time).

From loss of indexing of the UST on the dollar, began the Luna Foundation Guard to sell all its coins stable USDC i USDTbefore you start settling bitcoins with a vengeance on May 10th.

“LFG sold 26 million USDT directly and 23 million USDC for a total of 50,200,071 UST. It transferred 52,189 BTC to exchange them with a counterparty (Gemini) (….) For a total of 1.5 billion UST . »

The Luna Foundation is selling all its cryptocurrencies in an attempt to save the UST.
Twitter account @LFG_org

The deadly chain reaction continued quickly afterwards, with the sale of 33,206 BTC. As of Monday, May 16, 2022, there were only one 313 BTC to the reserves of the Guard of the Luna Foundation, that is to say, of less value – $ 9.4 million – that the 39,914 BNBs that were not affected – about $ 12 million.

The Luna Foundation Guard has almost nothing left of BTC.
Twitter account @LFG_org

If there is almost nothing left in Bitcoin in its reserves, the LFG fortunately had a good amount of itAVAX of the Avalanche Project to their reservations. In fact, it is now the latter that make up most of the remaining springs at the Luna Foundation, as its nearly 2 million AVAX are currently valued $ 65 million. It would be, in all and for all, approximately $ 90 million of cryptocurrencies in LFG reserves.

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