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Terra’s creator chose to use bitcoin (BTC) as a backup for the venture. Almost all BTC on the LFG bitcoin address came from the hot wallet on Binance.
The Luna Foundation Guard’s bitcoin wallet was valued at $1.1 billion on March 26, 2022. After Terra’s inventor Do Kwon recently hinted at the blockchain project that uses bitcoin-linked tokenomics, the address has acquired a significant amount of bitcoin in the past four days. That’s why Terra’s creator chose to use bitcoin (BTC) as a backup for the venture.
Do Kwon stated:
“Bitcoin is the only hard reserve asset that has been proven to be out of the digital currencies… It is very hard for anyone in crypto to question bitcoin.”
Bulk Accumulation of BTC
Gnosis’ safe haven, said to belong to the LFG, began to see activity after the announcement. According to sources, the LFG has verified its bitcoin address and purchases have been made “to support its UST stablecoin”.
According to the previous transaction, as of 05:18 (UTC) on March 26, the LFG bitcoin address has accumulated 493 BTC. Although the wallet is valued as much as $1.1 billion at current exchange rates, this particular address never actually sent coins from the wallet. Four USDT transactions totaling approximately $125 million have been transferred from Gnosis’ secure address, and the most recent tether transaction was for USDT 160,750,000.
Nearly all of the BTC on the LFG bitcoin address came from the hot wallet on Binance, which has been flagged as suspicious. However, the Gnosis wallet still has enough money to make daily purchases of BTC, so don’t worry. When it comes to tether (USDT), Gnosis’s safe haven now owns $715.2 million (USDT) and $398.23 million in USD coins (USDC). Of course, the shopping spree has led to a lot of discussion in the crypto world.