Luna Foundation Guard (LFG), a platform dedicated to supporting blockchain innovators, has gained headlines today after it moved a substantial $94 million in crypto holdings to a new address. This comes after its previous announcement of transitioning assets to a direct custody solution.
Meanwhile, despite the large transfer, the foundation still holds a significant amount of assets including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). Following this move, the crypto community has raised speculations about the timing of the transfer.
LFG Transitions to Direct Custody with $94 Million Crypto Transfer
On May 28, LFG took to its official X (formerly Twitter) platform to inform the public about its plans to transition assets held in its multi-sig wallets to more robust direct custody as part of security measures to enhance the protection of its funds.
Per the announcement, crypto assets held in the specific Avalanche (0x46…9cE5) and BSC (0x36…a102) wallets will be migrated to a new wallet address labeled as ‘0x13…2e27.’ Sticking to this, the foundation began transferring cryptocurrencies held in the previous wallets to the new address today.
According to data provided by Arkham Intelligence, LFG transferred a staggering 1.974 million AVAX (valued at $71.19 million), and 39,497 BNB (worth $23.45 million) to the new address approximately 4 hours ago from the time of writing.
Source: Arkham Intelligence
Other smaller transactions carrying 1.88 BNB (worth $1,120) and 2.88 (worth $103.88) were still recorded. Before these transactions, the last time LFG initiated substantial transactions was about 2 months ago when it moved $250.7k worth of USDC stablecoin to the high-performance cross-chain trading platform, DLN Trade, and 413.9 BNB (valued at $251.6k) to PancakeSwap.
To uphold transparency, LFG informed the public that they can continue to track its holdings via the LFG Reserve dashboard. A closer look at the dashboard shows that LFG still maintains a total of $21.55 million of crypto assets with the major including 313 BTC ($21.37 million), and 50.368 ETH ($188,300).
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