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Benzinga
Benzinga
Business
Adrian Zmudzinski

Terra (LUNA) Sold 80,000 Bitcoins In A 3-Day Span Amid Depeg-Crisis: UST Holder Compensation Coming

Bitcoin LFG Crypto Luna Foundation Guard

When TerraUSD (CRYPTO: UST) — the stablecoin integrated into the Terra (CRYPTO: LUNA) ecosystem — lost its peg to the U.S. dollar last week, Luna Foundation Guard (LFG), the non-profit backed by TerraLabs tasked with protecting TerraUSD's peg, mostly emptied its hefty reserves.

What Happened: Benzinga reported earlier on Monday that after TerraUSD's unpegging, Bitcoin (CRYPTO: BTC) worth $750 million was sent from LFG to one address, shortly followed by another 30,000 Bitcoin worth $930 million sent to the same address. Now, the crypto community is asking what happened to this Bitcoin and all the other cryptocurrencies stored in the organization's deep pockets. Fortunately, a lengthy Twitter thread on Monday sheds light on this question.

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