Coin Edition -
- Luna Foundation Guard moves large amounts of AVAX and BNB tokens to an unknown address.
- The wallet shifts 1.974 million AVAX ($71.2 million) and 39.499k BNB ($23.5 million).
- AVAX and BNB are currently trading in a bearish track at $36.13 and $593.14, respectively.
Luna Foundation Guard (LFG), a Singapore-based non-profit organization connected to Terraform Labs and its founder, Do Kwon, has generated attention in the community with its recent large-scale crypto movements. A wallet address associated with LFG has transferred substantial amounts of Avalanche (AVAX) and Binance Coin (BNB) tokens to an unknown address.
LFG’s strategic token shift was revealed by Wu Blockchain, an X (formerly Twitter) account associated with Chinese crypto reporter Colin Wu. According to Wu Blockchain’s post, the wallet address moved 1.974 million AVAX, valued at $71.2 million, and 39.499k BNB, valued at $23.5 million, to an address identified as 0x13463Aab3ECcE77Cfd8Cc28fA498a5F9DB242e27.
The Luna Foundation Guard address suddenly had a large amount of transfers. Between 11:29 and 11:33 UTC+8, 1.974m AVAX (about 71.2 million USD) and 39.499k BNB (about 23.5 million USD) were transferred to the unmarked address: 0x13…2e27. https://t.co/nVERBUfAEl— Wu Blockchain (@WuBlockchain) May 31, 2024
Following LFG wallet’s significant moves, both AVAX and BNB tokens have struggled to overcome their bearish trends. As of press time, AVAX is trading at $36.13, with a decline of 2.08% over the last 24 hours. Meanwhile, BNB shows a slight dip of 0.65%, trading at $593.14.
With a market cap of $87.5 billion, BNB holds the 4th position on CoinMarketCap. Despite reaching a daily high of $601.33, the token subsequently fell to a low of $592.11. However, a notable surge of 6% in trading volume indicates increased demand for the token.
Similarly, AVAX rose to a high of $37.05, only to dip below $36 later that day. The token is positioned 12th on CoinMarketCap, with a market cap of $14.2 billion. The 24-hour trading volume, which decreased by 1.80% to $382 million, highlights the fluctuating trends in the crypto market.
In related news, LFG recently announced the platform’s decision to enhance fund security while maintaining transparency and traceability. The platform indicated that the funds would be transferred to a direct custody solution in the following days to reinforce their safety.
The post LFG Cashes Out: Massive AVAX, BNB Transfers Trigger Crypto Market Wobble appeared first on Coin Edition.