The Luna Foundation Guard (LFG) has transferred approximately $95 million in crypto to a new wallet, aligning with recent plans to enhance fund security.On-chain data from blockchain Arkham Intelligence showed that the Foundation shifted 1.974 million Avalanche’s AVAX token, valued at $71.2 million, and 39,500 BNB, approximately $23.5 million, to a new address identified as “0x13463Aab3ECcE77Cfd8Cc28fA498a5F9DB242e27” earlier today, May 31. The wallet received its initial test transactions from the Foundation on May 17.Despite these transfers, LFG’s reserve dashboard shows that the foundation still holds approximately $161 million. This includes $71.36 million in AVAX, $45 million in UST, $23.38 million in BNB, and about $21 million in BTC, among other assets.LFG is a non-profit organization focused on the Terra ecosystem. In 2022, the Foundation was intensely scrutinized for its Bitcoin transactions during Terra’s algorithmic stablecoin UST crash.In a May 28 social media post, LFG said it was moving some assets in its multi-sig wallets to a more secure direct custody solution. It stated:“To enhance security of LFG funds, LFG is set to transition assets held in LFG multi-sig wallets to a robust direct custody solution in the coming days.”So, the new transactions follow the announcement and involve the wallet the Foundation previously stated.Meanwhile, this development follows the reported agreement between the US Securities and Exchange Commission (SEC), bankrupt Terraform Labs, and its former CEO, Do Kwon.While details of the settlement remain sketchy as of press time, Judge Jed Rakoff has asked both the financial regulator and the defendants to submit supporting documents by June 12. In April, a US District Court for the Southern District of New York found the defunct company and its founder, Kwon, guilty of civil fraud.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Follow us on X for your essential dose of daily crypto news and deep dives.The details of the settlement have not been made public as of press time. TFL called the development “frustrating” and said it is “against geoblocking as a matter of principle” but has no choice but to adapt.The agency also seeks conduct-based and “obey-the-law” injunctions.Montenegro’s justice minister reportedly favors extraditing Kwon to the United States.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
