As the cryptocurrency industry continues to feel the ripple effects of the failure of the Terra blockchain and the price crash of its native token, LUNA, and its algorithmic Stablecoin, UST, questions have begun to emerge about the whereabouts of about 80,000 units of Bitcoin belonging to the ecosystem.
The said Bitcoin was supposed to be held in trust by the Luna Foundation Guard, a non-governmental organization saddled with keeping the ecosystem running.
The CEO of the largest crypto exchange by trading volume, Changpeng Zhao, first raised the question on Twitter asking where Terra’s Bitcoin reserves went when he gave his personal opinions about the embattled blockchain.
80k Units of Bitcoin were Reportedly Sent to Gemini and Binance
Responding to the question, Luke Martin, a prolific member of the cryptocurrency community on Twitter, quoting Elliptic, a crypto analytics company, wrote that the Foundation had transferred the coins to two destinations.
The first 52k tranche was transferred to Gemini, while another 28k was sent to Binance.
CryptoQuant, another crypto analytic site, stated that 37k was sent to Gemini on May 9. These 37k units had been loaned to market makers by the foundation in its effort to save the ecosystem from collapse.
As of press time, LUNA foundation had not released any information about the whereabouts of its Bitcoin holdings but Terra’s CEO, Do Kwon, had earlier stated that the movement of the ecosystem’s Bitcoin would be made public soon.
He also used the opportunity to call for patience for his team is “juggling multiple tasks at the same time.”