said Luna Foundation Guard, a non-profit organization associated with Terraform Labs. On Tuesday it moved the cryptocurrency holdings in its wallets to a direct custodial solution. The move follows a settlement with the US Securities and Exchange Commission (SEC) by Terraform Labs and Do Kwon to pay a total of $4.5 billion in fines in a civil fraud case.
Luna Foundation Guard (LFG) is transferring funds
Luna Foundation Guard (LFG) linked to Terra transfers funds including Bitcoin to a direct custody solution. The non-profit organization announced in a post on the X platform on June 25. This has raised concerns among cryptocurrency investors like Terraform Lab. Which is currently under bankruptcy protection. The assets were sold to pay $4.5 billion as part of the settlement with the US Securities and Exchange Commission.
LFG claims that direct custody of crypto assets such as AVAX, BNB, BTC, LUNA, and UST (now USTC) will help improve the security of funds in wallets. We recently revealed that LFG transferred a whopping $94.7 million worth of cryptocurrency holdings to a new address. She transferred 1.974 million AVAX worth $71.19 million and 39,499 BNB about $23.5 million.
The LFG Reserves Dashboard was created to track funds available in wallet addresses linked to LFG for continued transparency and traceability. The total reserve balance is $124.36 million. With Bitcoin holdings worth $19.13 million. It has Avalanche (AVAX) worth $49.71 million and BNB worth $32.87 million.
Chris Amani, CEO of Terraform Labs, confirmed. Recently on the burning of LUNA holdings in portfolios related to TFL and LFG. The Terra Luna Classic community will also burn LUNC and USTC in wallets.
TFL sells major crypto projects
TFL CEO Chris Amani revealed after the settlement with the Securities and Exchange Commission. That its products will continue to work during their expiration. The company has put Pulsar Finance, Station Wallet, and Enterprise Protocol up for sale.
The prices of the crypto assets held by the company fell significantly due to concerns about the sell-off and general negative sentiment in the cryptocurrency market. AVAX price fell by 34% in one month. While the price of LUNA and USTC also fell by more than 30% and 20% respectively.
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