Luna Foundation Guard (LFG), a non-profit affiliated with Terraform Labs, announced on Tuesday that it is moving its holdings from cryptocurrency wallets to a direct custody solution. This step comes after Terraform Labs and Do Kwon agreed with the US Securities and Exchange Commission (SEC) to pay a $4.5 billion penalty in the fraud case.
Impact on LUNC Coin: LFG's Moves Attract Attention
Terra-affiliated LFG's move of crypto assets such as Bitcoin into a direct custody solution has created concern among crypto investors. Terraform Labs, currently under bankruptcy protection, is liquidating its businesses and assets to pay the $4.5 billion penalty. LFG aims to increase the security of funds in wallets through direct storage of crypto assets such as AVAX, BNB, BTC, LUNA and USTC. It was recently revealed that LFG moved $94.7 million worth of crypto assets to a new address. LFG transferred 1.974 million AVAX worth $71.19 million and 39,499 BNB worth approximately $23.5 million.
In order to maintain transparency and traceability, the LFG Reserves Dashboard was established and began monitoring funds in wallet addresses linked to LFG. The total reserve balance is $124.36 million, of which $19.13 million consists of Bitcoin. There is also Avalanche (AVAX) worth $49.71 million and BNB worth $32.87 million. Terraform Labs CEO Chris Amani recently confirmed that LUNA assets in wallets associated with TFL and LFG will be burned. The Terra Luna Classic community will also burn LUNC and USTC in wallets.
TFL Sells Major Crypto Projects
TFL CEO Chris Amani announced that the company will continue to operate despite the liquidation of the products following the settlement with the SEC. The company put Pulsar Finance, Station Wallet and Enterprise Protocol up for sale. The prices of the company's crypto assets have dropped significantly due to potential selling pressure and the overall negative sentiment in the crypto market. AVAX price fell 34% in a month, while LUNA and USTC lost over 30% and 20% respectively.
LFG is moving crypto assets to a more secure storage solution due to security concerns. However, the fact that Terraform Labs is under bankruptcy protection and has sold its assets to pay the penalty worries investors. Plans to burn crypto assets also create uncertainty in the market. Although this move by LFG seems to be a positive step in terms of security, negative developments around Terraform Labs continue to unsettle investors. It remains unclear how this situation will affect the cryptocurrency market.
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