42.5K BTC reportedly moved from Luna Foundation Guard wallet as UST peg crumbles
Roughly $1.4 billion worth of Bitcoin (BTC) was reportedly moved from a wallet tied to Luna Foundation Guard (LFG) on Monday, raising questions about its ultimate destination on a day that has seen Bitcoin’s price tumble more than 11%.
Data from blockchain explorer Blockchair revealed Monday that 42,530.82827771 BTC was spent from the LFG wallet, though its destination was unknown. It has been speculated that the funds were split into two batches — roughly 12,500 BTC and 30,000 BTC, respectively — with a portion reportedly sent to cryptocurrency exchange OKEX.
looks like they have split it up the funds 12.5k and 30k BTC going separate ways. Supposedly a chunk has been sent to OKEX as well pic.twitter.com/hlZtmMDcT5
Around the same time, Twitter account Whale Alert revealed that 12,531 BTC had been transferred from an unknown wallet to another unknown wallet. Whale Alert provides tracker and analytics reporting on large Bitcoin transactions.
12,531 #BTC (384,431,740 USD) transferred from unknown wallet to unknown wallethttps://t.co/4ZuCN34Fnr
The move came less than a day after LFG announced that it was taking decisive steps to “proactively defend the stability of the UST peg [and] broader Terra economy,” referring to its popular algorithmic stablecoin TerraUSD, which fell below its United States dollar peg. Measures included loaning $750 million worth of BTC to over-the-counter trading firms to help protect the peg of UST and to loan $750 million worth of UST to accumulate more Bitcoin as market conditions begin to stabilize.
1/ Over the past several days, market volatility across crypto assets has been significant. The market turmoil is also reflected by the past week's uncertain macro conditions across legacy asset
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