80,000 units of Bitcoin were reportedly sent to Gemini and Binance

As you all know, Terra (LUNA) ecosystem currently holds 80,000 BTC. Accordingly, the aforementioned Bitcoin is attributed to the Luna Foundation Guard (LFG), in charge of keeping the ecosystem running. However, it is widely suggested that 80,000 BTC is currently being sent to the Gemini exchange and Binance. Reason to do what?

Terra (LUNA) foundation allegedly sent over $2 billion Bitcoin to Gemini and Binance

As the price of LUNA and stablecoin UST collapsed, questions began to arise about the whereabouts of the roughly 80,000 Bitcoin units belonging to the ecosystem.

CEO Binance, Changpeng Zhao (CZ), first raised the question on Twitter when asked where Terra’s Bitcoin reserves went as he gave his personal opinion about the embattled blockchain.

Accordingly, Luke Martin, an active member of the crypto community on Twitter, said that LFG has transferred funds to two destinations. Reportedly, Martin, based on data analysis from Elliptic, confirmed that 52,000 BTC were sent in the first batch to Gemini, while another 28,000 BTC were sent to Binance.

According to CryptoQuant, 37,000 BTC were sent to Gemini on May 9. These 37,000 BTC were loaned to market makers by funds to save the ecosystem from collapse. As of press time, Terra has not released any information on where its Bitcoins are kept, but Terra’s CEO, Do Kwon, has previously stated that the Bitcoin movement of the ecosystem will be coming soon and be made public.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like