US$3.5bn of BTC Untraceable
Cryptocurrency market watchers pointed out that the Luna Foundation Guard recently transferred US$3.5 billion of BTC to Gemini and Binance and the fund is currently untraceable.
“How the foundation used the huge amount of BTC cannot be found as of now,” one of them said, adding, “One of the possibilities is that Terraform Labs and the foundation used most of it to buy Terra USD.”
The foundation bought 80,394 BTC, equivalent to US$3.5 billion, in the first quarter of this year. On May 9, when the value of Terra USD fell below US$1, the foundation said that it would buy the coin with BTC for Terra USD-U.S. dollar pegging. On May 9 and 10, the fund was transferred from the cryptocurrency wallet of the foundation to the two exchanges.
“The foundation accumulated BTC to guarantee the value of its cryptocurrency,” Bloomberg reported, adding, “It is still a mystery where it went.”