Analysts have recorded the movement of funds on Luna Foundation Guard NPO wallets
The organization transferred $95 million worth of cryptocurrencies to a new wallet
31.05.2024 - 14:12
158
3 min
0
What’s new? Luna Foundation Guard (LFG), a non-profit organization, has moved $95 million worth of digital assets to a new wallet, explaining the need to improve the security of the assets. The organization was originally launched to support the Terra blockchain ecosystem from Do Kwon’s Terraform Labs (TFL). The project collapsed in May 2022 as the TerraUSD stablecoin and LUNA token plummeted. It caused tens of billions of dollars in losses to users around the world and prompted fraud cases by authorities and investors in several countries, including the US, South Korea, and Singapore.
What else is known? According to data from the analytics platform Arkham Intelligence, on May 31, LFG transferred 1,974 million native tokens of the Avalanche (AVAX) blockchain worth $71,2 million and 39 500 native tokens of the Binance (BNB) crypto exchange worth $23,5 million. The funds were sent to a new address “0x13463Aab3ECcE77Cfd8Cc28fA498a5F9DB242e27,” which first received test transfers from the fund on May 17.
Mt.Gox comments on the movement of $9,3 billion worth of bitcoins
The trustee of the bankrupt bitcoin exchange prepares to pay out compensation
Despite the large transfer, the main wallet still holds $161 million worth of cryptocurrencies. These include $72 million worth of AVAX, $45 million worth of UST, $24 million worth of BNB, and $21 million worth of bitcoins.
A few days earlier, fund representatives told X-account that they intend to improve the security of funds and will soon move assets from multi-signature wallets to the service for secure direct storage.
Source: X.com The transfers were also preceded by a settlement between the US Securities and Exchange Commission (SEC) on one side and bankrupt TFL and its founder Do Kwon on the other in a civil fraud lawsuit.
SEC has provided Montenegro’s Ministry of Justice with materials on the Terra creator’s fraud case
The Ministry of Justice has not yet decided whether the businessman will be extradited to the US or South Korea
The details of the settlement are not yet known, possibly involving the payment of a fine to dismiss the case. The SEC often practices this approach to settling claims against crypto companies.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$98 525
BTC
+4.68%
-
Ethereum
$3 363.52
ETH
+9.2%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.22
XRP
+10.09%
-
Dogecoin
$0.386843
DOGE
+1.67%
-
Cardano
$0.816814
ADA
+1.25%
-
Bitcoin Cash
$486.47
BCH
+10.02%
-
Polkadot
$5.93
DOT
+2.94%
-
Stellar XLM
$0.256232
XLM
+2.99%
-
Litecoin
$89.3
LTC
+6.22%