Terra LFG Strengthens Security: $95 Million in AVAX, BNB Relocated

Terra LFG Strengthens Security: $95 Million in AVAX, BNB Relocated

The Luna Foundation Guard (LFG) has moved nearly $95 million worth of its AVAX and BNB holdings to a new address, according to Arkham (ARKM). This transfer, which occurred approximately eight hours ago, is part of LFG's ongoing efforts to enhance the security of its assets. The transferred funds include approximately $71.2 million in AVAX and $23.5 million in BNB, which were sent from an address labeled "LFG Foundation" to '0x13463Aab3ECcE77Cfd8Cc28fA498a5F9DB242e27'. Following this transaction, LFG Foundation's total cryptocurrency holdings stand at around $161 million. This move comes amidst increased regulatory scrutiny of LFG, a non-profit established in Singapore to support the Terra-Luna ecosystem. In late May 2022, the collapse of the Terra-Luna ecosystem raised concerns about the stability and security of LFG's operations. On August 29th, LFG announced via Twitter that it would be moving assets held in its multi-sig wallets to self-custody solutions within a few days. This decision was made to strengthen the security of the foundation's funds and protect them from potential vulnerabilities. The movement of these assets to a new address is a significant step in LFG's efforts to enhance its security measures and ensure the safety of its assets. It remains to be seen how this move will impact the ongoing regulatory scrutiny of LFG and the overall stability of the Terra-Luna ecosystem.