Onchain Analysis Reports Terra’s Bitcoin Reserves Sent to Binance and Gemini

After Terra’s once-stable coin terrausd (UST) collapsed, many wondered where the Luna Foundation Guard (LFG) bitcoin went, as the funds were supposed to defend UST’s $1 parity. On Friday, blockchain intelligence and analytics firm Elliptic published a blog post summarizing where bitcoin is being sent, based on the company’s network monitoring tool.

According to Elliptic’s blockchain analysis software, LFG bitcoins are deposited on 2 digital currency exchanges

Reflecting on the recent crypto market turmoil and Terra stablecoin implodesLots of people on forums and social media ask Question: “Where are LFG’s Bitcoin reserves?” For example, one person on Twitter this weekend wrote:

Before the UST and Luna crises began, the Bitcoin reserves of the Luna Foundation Guard (LFG) were worth over $3B. But LFG’s reserve wallets are now empty, but Bitcoin is reportedly not being used to quell the crisis. So where has Bitcoin gone? People need answers.

Also, on May 13, the founders of Terra right of way Tell the public that the team is planning to update the crypto community about Bitcoin (BTC) reserve.

“We are currently working on documenting LFG usage Bitcoin Reserve during the decoupling event,” Kwon said. “Please be patient with our team multitasking.” Blockchain analytics firm following Kwon’s Twitter post oval published a blog post This explains LFG’s Bitcoin Actions are more detailed.

When the nonprofit LFG decided on May 9 to move bitcoin, Elliptic’s blockchain analytics software monitored the situation.The LFG revealed that the loan will be $750 million in Bitcoin For market makers, Elliptic’s blog post details Kwon’s clarification that LFG will use Bitcointrade. ” Then Elliptic’s software captured two transactions worth $52,189 Bitcoin Sent to the new address associated with the LFG store.

80,394 BTC moved from LFG’s stash

Except 52,189 BitcoinLFG holds another wallet 28,205 BitcoinLFG’s entire bitcoin reserves add up to approximately 80,394 bitcoins (Bitcoin) all. According to Elliptic, all funds were sent to Binance and Gemini amid the market turmoil.

Onchain Analysis Reports Terra's Bitcoin Reserves Sent to Binance and Gemini
An on-chain visualization of LFG Bitcoin transfers, according to blockchain monitoring firm Elliptic.

“These 52,189 Bitcoin It was then transferred to an account at U.S.-based cryptocurrency exchange Gemini — involving several bitcoin transactions,” Elliptic said Friday. “There was no way to further trace the assets or determine whether they were sold in favor of UST prices. The blog post added:

28,205 left Bitcoin in Terra’s reserves. At 1am UTC on May 10, it was all transferred to an account on the cryptocurrency exchange Binance in one transaction. Again, it is impossible to determine whether these assets were sold or subsequently transferred to other wallets.

Bitcoin.com News also investigated on-chain movements and confirmed that Elliptic’s summary is accurate.For example, the LFG Bitcoin wallet interacts with this bitcoin address, And the wallet is marked as Binance Hot Wallet. Oxt.me data has a note written by Ergobtc stating that it is a “central hot wallet” for the exchange.Wallet created on October 8, 2021, 9.5 million Bitcoin Passed through wallet.

LFG’s Bitcoin wallet also works with This address It also has an oxt.me note stating that it is the Gemini exchange address. 1,284,918 addresses created on June 13, 2017 Bitcoin Via a bitcoin wallet.Although Binance Hot Wallet still contains Bitcoin For the hot wallet service, the Gemini exchange address has zero balance on May 14, 2022.

tags in this story

Bitcoin Reserve, Blockchain Analysis, Bitcoin Reserve, do right, oval, Oval Blog Post, follow the track, running, Luna Foundation Gaurd (LFG), on-chain, On-chain tools, software, the earth, Earth (Moon), Earth Blockchain, Truss (UST)

What do you think of Elliptic’s summary of LFG Bitcoin stash and movements? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is Head of News at Bitcoin.com News and a fintech reporter based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News on the disruptive protocols emerging today.




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