The Luna Foundation Guard is said to have sent 52k Bitcoin to Gemini and 28k to Binance to stabilize the UST’s Peg.


  • The crypto community has begun investigating the flow of Bitcoin holdings by the Luna Foundation Guard during the USTs depegging event.
  • According to one analysis, 52k bitcoins were sent to Gemini and another 28k to Binance, but it’s unclear if the asset was sold.
  • Another analysis by CryptoQuant showed that 37,000 BTC moved from the LFG wallet to Gemini, but trading volume did not increase significantly.

The amount of Bitcoin reserves held by the Luna Foundation Guard (LFG) has been the subject of speculation as to where all of the BTC went during the UST depegging.

According to crypto Twitter community member Luke Martin, the Luna Foundation Guard transferred 52,000 BTC to Gemini and another 28,000 BTC to Binance in a few hours. Martin responded to a previous tweet by CZ asking what happened to all bitcoins owned by the Luna Foundation Guard and whether they were used as intended as a reserve for the UST.

It is not clear whether the Luna Foundation Guard sold Bitcoin.

Mr. Martin said: analysis It was done by the team at and highlighted that Bitcoin transfers by LFG started on the morning of May 9th. The first transaction of LFG was worth 22,189 BTC and was transferred to a new address. Later, another 30,000 BTC was transferred from another LFG wallet to the same address. In a matter of hours, 52,189 BTC was transferred to a single account on Gemini. On May 10th, a separate 28,205 BTC was transferred to Binance.

The infographic below shows the detailed money flow.

The movement of LFG Bitcoin. Source,

The report also stated that ‘it is no longer possible to track the asset or identify whether it has been sold to support the UST price’.

37,000 bitcoins were loaned out to market makers on May 9th.

Similarly, CryptoQuant’s team investigated It concluded that LFG’s Bitcoin move and on May 9th 37k Bitcoin moved to Gemini.

However, a similar amount a day ago put Gemini on another exchange. Deposits to Gemini on May 9 did not significantly increase Gemini’s volume, but continued to soar on other exchanges.

The 37,000 bitcoins mentioned above were loaned out to market makers to stabilize the peg of UST. The Luna Foundation Guard has warned the crypto community about the movement of 37k Bitcoin with the following tweet:

Do Kwon revealed that Terra will release documentation on LFG’s Bitcoin movement.

As mentioned earlier, the movement of LFG’s Bitcoin holdings has been the subject of speculation over the past few days. As a result, Do Kwon asked for patience for the Terra team in documenting the movement of funds during this ordeal. that said:

We are currently working on documenting the use of LFG BTC holdings during the depegging event. Our team is juggling multiple tasks at the same time, so please be patient.

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