Terra Luna Is Suspected To Be Accumulating $1.3 Billion Worth Of Bitcoin

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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 wallet is now the 32nd-richest BTC address in the world, holding nearly 27,785 Bitcoin, according to BitInfoCharts.

Rumors are swirling that the address belongs to the Luna Foundation Guard, a Singapore-based nonprofit which supports the ecosystem of stablecoin issuer Terra (LUNA).

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.

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