A mysterious Bitcoin pockets is accumulating greater than $1.33 billion value of BTC over the past two months, main crypto sleuths to imagine that Terra (LUNA) is the entity behind the handle.
Rumors are swirling that the handle belongs to the Luna Foundation Guard, a Singapore-based nonprofit which helps the ecosystem of stablecoin issuer Terra (LUNA).
The Bitcoin handle (bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q) has deposited almost 24,955 BTC value greater than $1.1 billion. Market suspects it’s the handle of Luna Foundation, which has raised $2.2 billion for its bitcoin reserves. https://t.co/ex7yM1CWx0
— Wu Blockchain (@WuBlockchain) March 27, 2022
Do Kwon, Terra’s founder and chief government officer, introduced earlier this month that the venture plans to build up a staggering $10 billion value of Bitcoin so as to add to its reserves.
The CEO stated on Twitter final week that Terra already has $3 billion in funds prepared “to seed this reserve.” Around the identical time, the crypto pockets in query began to ramp up its Bitcoin purchases.
Kwon argues that Terra having $10 billion in BTC reserves “will open a new monetary era of the Bitcoin standard.”
He has additionally stated that the BTC will “backstop short-term UST redemptions.” TerraUSD (UST) is Terra’s US-dollar worth pegged stablecoin.
LUNA is buying and selling at $98.54 at time of writing, up greater than 5% in the final 24 hours.
Bitcoin is buying and selling at $47,196.69 at time of writing, up almost 15% from the place it was priced one week in the past.
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