A mysterious Bitcoin wallet is accumulating more than $1.33 billion worth of BTC over the last two months, leading crypto sleuths to believe that Terra (LUNA) is the entity behind the address.
The Bitcoin address (bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q) has deposited nearly 24,955 BTC worth more than $1.1 billion. Market suspects it is the address of Luna Foundation, which has raised $2.2 billion for its bitcoin reserves. https://t.co/ex7yM1CWx0
— Wu Blockchain (@WuBlockchain) March 27, 2022
Do Kwon, Terra’s founder and chief executive officer, announced earlier this month that the project plans to accumulate a staggering $10 billion worth of Bitcoin to add to its reserves.
The CEO said on Twitter last week that Terra already has $3 billion in funds ready “to seed this reserve.” Around the same time, the crypto wallet in question started to ramp up its Bitcoin purchases.
Kwon argues that Terra having $10 billion in BTC reserves “will open a new monetary era of the Bitcoin standard.”
He has also said that the BTC will “backstop short-term UST redemptions.” TerraUSD (UST) is Terra’s US-dollar value pegged stablecoin.
LUNA is trading at $98.54 at time of writing, up more than 5% in the last 24 hours.
Bitcoin is trading at $47,196.69 at time of writing, up nearly 15% from where it was priced one week ago.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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