42.5K BTC reportedly moved from Luna Foundation Guard wallet as UST peg crumbles By Cointelegraph


42.5K BTC reportedly moved from Luna Foundation Guard wallet as UST peg crumbles

Roughly $1.4 billion worth of (BTC) was reportedly moved from a wallet tied to Luna Foundation Guard (LFG) on Monday, raising questions about its ultimate destination on a day that has seen Bitcoin’s price tumble more than 11%.

Data from blockchain explorer Blockchair revealed Monday that 42,530.82827771 BTC was spent from the LFG wallet, though its destination was unknown. It has been speculated that the funds were split into two batches — roughly 12,500 BTC and 30,000 BTC, respectively — with a portion reportedly sent to cryptocurrency exchange OKEX.

UST has lost its peg on two occasions in the past, including the March 2020 COVI-19 liquidity event. Source: CoinMarketCap.