DEFI

UST-backed organization LFG increases its Bitcoin holdings by nearly 3,000 coins today. Terra founder Do Kwon: Will become the second largest Bitcoin holder after Satoshi Nakamoto.

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UST-backed organization LFG increases its Bitcoin holdings by nearly 3,000 coins today. Terra founder Do Kwon: Will become the second largest Bitcoin holder after Satoshi Nakamoto.

Table of Contents

  • On the afternoon of 3/30, the UST supporting organization LFG Luna Foundation Guard address has increased its Bitcoin holdings by nearly 3000 coins.
  • Also on the afternoon of 3/30, the whale address activity monitoring account Whale Alert issued a warning, indicating that nearly $140 million worth of USDT was transferred from an unknown wallet to Binance, with Terra founder Do Kwon reposting the post. In terms of the current price of Bitcoin, this amount is almost equivalent to the increase in holdings by LFG.

  • On 3/30, a netizen shared that Terra founder Do Kwon stated: "We will become the largest Bitcoin holder outside of Satoshi Nakamoto. Therefore, the failure of UST is also the failure of the entire cryptocurrency market."
  • Reflecting on 3/23, one of the institutions that initially injected $1 billion was Jump Crypto, with its parent company being Jump Trading. A proposal on how to use the Bitcoin reserve to maintain the stability of UST has shown that relevant structures have been planned.

  • Reflecting on 3/29, founder Do Kwon, in an interview with the Podcast "unchained", stated that UST will soon be the third-largest stablecoin. He also explained why Bitcoin is being used as part of LFG's reserve.