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Luna Foundation Guard just moved $1.4B worth of Bitcoin to an exchange Luna Foundation Guard just moved $1.4B worth of Bitcoin to an exchange Liam 'Akiba' Wright · 3 years ago · 1 min read
🚨 This article is 3 years old...
News ▸ ▸ Exchanges

Luna Foundation Guard just moved $1.4B worth of Bitcoin to an exchange

LFG have moved billions of Bitcoin to a wallet believed to belong to Gemini

Liam 'Akiba' Wright
May. 9, 2022 at 9:52 pm UTC
1 min read
Updated: May. 10, 2022 at 11:41 am UTC
Luna Foundation Guard just moved $1.4B worth of Bitcoin to an exchange

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

The Luna Foundation Guard is moving billions of Bitcoin across the blockchain.The wallet address “bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q” held 42,530 BTC but today, May 9 at 6:34 PM UTC the wallet was emptied. The address has previously been confirmed to be the reserve wallet for LFG and has been steadily accumulating Bitcoin for months.

The Bitcoin has been transferred several times to different wallets, and each time the balance was moved in its entirety within minutes of the confirmation. The balance was then split at wallet “bc1qsl,” where 12,530 BTC was kept, and 30,000 BTC went to another address. The 30,000 BTC had 7,000 BTC added from another wallet and was again split into two parcels of 18,407 BTC. Both packages were sent to the Gemini Exchange according to data available online.

The transaction is still awaiting confirmation at the time of writing.

Source: Blockchair

Do Kwon, took to Twitter to declare that he is “deploying more capital.” However, whether the community will appreciate a $1.2 billion sell market order for Bitcoin is not difficult to answer. It is not known if the Bitcoin sent to Gemini will be sold but with the dollar peg of UST in trouble it is one option LFG have at their disposal.

Mentioned in this article
Do Kwon
Posted In: , Analysis, Exchanges, Price Watch
Author

Liam 'Akiba' Wright

Editor-in-Chief at CryptoSlate

Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.

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Do Kwon

Co-founder & Former CEO at Terraform Labs

Do Kwon began his professional journey as an engineer, contributing to tech giants Apple and Microsoft.

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