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Terraform Labs "donates" an additional $880 million to the Luna Foundation



 Blockchain company Terraform Labs (TFL), the development team behind crypto project Terra, has issued a donation of 10 million LUNA to affiliated Luna Foundation Guard (LFG) , which at current prices is equivalent to US$820 million Has.


LFG is a non-profit organization (NGO) tasked with collateralizing and maintaining the stable value of the proprietary algorithmic stablecoin Terra USD (UST) against the US dollar.


TFL made the corresponding announcement on Twitter on Thursday, but without specifying exactly what the funds should be used for. Transaction data from Terra Finder shows that 7.8 million LUNA (approx. US$630 million) were transferred from the LFG wallets on the same day, the recipient is unknown at this time.



The way Terra is currently doing, led by founder Do Kwon, who wants to buy up a total of 10 billion US dollars in Bitcoin ( BTC ) for the UST reserves , many observers suspect that the funds in question will flow directly into further BTC investments .


New investments in the cryptocurrency Avalanche ( AVAX ) would also be conceivable, as both TFL and LFT each invested USD 100 million in the smart contract platform in the past week .


Terra ’s ongoing “ spending spree ”, through which a further 2,500 BTC were recently acquired at a price of almost 100 million US dollars, has meanwhile made the LFT wallet the third-largest Bitcoin owner ever. Only carmaker Tesla and software maker MicroStrategy own more BTC.


The current donation to LGF comes just over a month after TFL already donated $1.1 billion in the form of LUNA to the Foundation to create new UST and build the reserves it needs.


According to LFG's books , their reserves are now at $2.44 billion, of which almost 70% (i.e. $1.71 billion) is made up of Bitcoin alone.

Despite the current success story surrounding Terra, LUNA is recently down 7%, trading at $81.65 at press time.

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