What Happened to the $3.5B Terra Reserve? Blockchain analytics firm elliptic has been following the money. IanAllison123
Within hours, the entirety of this 52,189 BTC was moved to a single account at U.S. crypto exchange Gemini, via several bitcoin transactions, according to Elliptic.
The purpose of having a very large reserve of Bitcoin was potentially to purchase UST to push the price back up toward $1, which is probably the reason it was sent to exchanges, but it’s not possible using the blockchain alone to identify whether it was sold to support the UST price, Elliptic’s Robinson said.
This left 28,205 BTC in Terra’s reserves. At 1 a.m. UTC on May 10, those remaining reserves were moved in their entirety, in a single transaction, to an account at the cryptocurrency exchange Binance. Again it is not possible to identify whether these assets were sold or subsequently moved to other wallets, Robinson said.“All we can see is it going into these exchanges,” Robinson told CoinDesk. “We can’t really see how it’s been used.
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