Terra (LUNA) Foundation Send Over $2 Billion Bitcoin to Gemini and Binance. What Next?

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As the cryptocurrency industry continues to be shaken by the Terra blockchain’s failure and the price crash of its native token, LUNA, and its algorithmic Stablecoin, UST, suspicions have arisen concerning the whereabouts of around 80,000 Bitcoin units belonging to the ecosystem.

The claimed Bitcoin was intended to be held in trust by the Luna Foundation Guard, a non-profit charged with maintaining the ecosystem.

Changpeng Zhao, the CEO of the world’s largest crypto exchange by trading volume, first posed the issue on Twitter, asking where Terra’s Bitcoin reserves had gone, after expressing his own views on the beleaguered blockchain.

Personal opinion. NFA.

This won't work.
– forking does not give the new fork any value. That's wishful thinking.
– one cannot void all transactions after an old snapshot, both on-chain and off-chain (exchanges).

Where is all the BTC that was supposed to be used as reserves? https://t.co/9pvLOTlCYf

— CZ Binance (@cz_binance) May 14, 2022

Bitcoin sent to Gemini and Binance

In response to the question, Luke Martin, a prominent member of the cryptocurrency community on Twitter, claimed that the Foundation had transferred the funds to two destinations, citing Elliptic, a crypto analytics company.

The first 52k was routed to Gemini, with the remaining 28k going to Binance. Another crypto analytic site, CryptoQuant, said that on May 9, 37k was delivered to Gemini. The foundation has leased these 37k units to market makers in an effort to prevent the ecosystem from collapse.

As of press time, the LUNA foundation had not disclosed the whereabouts of its Bitcoin holdings, although Terra’s CEO, Do Kwon, had previously claimed that the ecosystem’s Bitcoin movement would be made public soon.

He also took use of the chance to appeal for patience, saying that his team is, “juggling multiple tasks at the same time.”

3/ Neither I nor any institutions that I am affiliated with profited in any way from this incident. I sold no luna nor ust during the crisis.

— Do Kwon (@stablekwon) May 13, 2022

LUNA Price

Today, the cryptocurrency has continued to decline and now has the potential to go even more. With a 24-hour trading volume of $5,412,174,518 and a live market cap of $1,860,988,288, LUNA is presently trading at $0.00028400, down 32.88 percent.