Non-profit Luna Foundation Guard (LFG) has invested more than $1 billion in Bitcoin to ensure the stability of the algorithmic stablecoin Terra USD (UST), venture capital firm Morgan Creek Digital's co-founder Anthony Pompliano has announced.
Crypto journalist Colin Wu has said the address allegedly associated with LFG has already received more than 24,955 BTC valued at more than $1.1 billion.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
According to data from the blockchain browser, the wallet started actively buying cryptocurrencies last March 27.
LFG announced on March 15 it intends to burn 4 million LUNA tokens to issue $372 million in UST to buy "external collateral."
Terraform Labs founder Do Kwon revealed on March 19 on Twitter Space the team is working to bring a new form of tokenized Bitcoin to Terra's blockchain.