Terraform Labs, the company behind the UST stablecoin and LUNA, added an additional 10 million LUNA tokens (~820 million) to the Luna Foundation Guard (LFG), a nonprofit building up bitcoin reserves for the UST stablecoin.
According to Terra Finder’s publicly accessible blockchain transaction portal, Terraform Labs transferred the tokens to an LFG wallet on Thursday.
South Korean firm Terraform Labs, led by Do Kwon, has the largest algorithmic stablecoin with market capitalization of $17 billion.
The Luna Foundation Guard (LFG) is a Singaporean nonprofit created to bolster the Terra blockchain with development, as well as build up a reserve for UST to preserve its peg. Do Kwon is a part of LFG’s board.
LFG’s reserves now stand at $2.43 billion with 69.8% of that being in bitcoin, according to a data tracker shared by LFG’s official Twitter handle.
LFG holds 2.25 million LUNA tokens. However, Terra Finder shows 7.8 million LUNA tokens were sent to another wallet.
Terra’s LUNA was trading at $88 when the transaction was executed but has since slipped more than 6% since to $82.