The Luna Foundation has announced they sold 80,000 bitcoin, currently worth $2.4 billion, on May the 8th and 10th while bitcoin’s price crashed.
They sold them for about 3 billion UST, which is now worth nothing because Terra has suspended their blockchain, with Luna stating:
“Beginning on May 8, when the price of UST began to drop substantially below one dollar, the Foundation began converting this reserve to UST.
The Foundation did so by directly executing on-chain swaps and transferring BTC to a counterparty to enable them to enter trades with the Foundation in large size & on short notice.
Directly sold 26,281,671 USDT & 23,555,590 USDC for an aggregate 50,200,071 UST· Transferred 52,189 BTC to trade with a counterparty, net of an excess of 5,313 BTC that they have returned, for an aggregate 1,515,689,462 UST.
On May 10, when UST had fallen to $0.75… Sold 33,206 BTC for an aggregate 1,164,018,521 UST.”
The day after, Luna ដួល as there was no longer any asset or mechanism to stabilize UST, a stablecoin that effectively no longer exists in a most astonishing crash and burn.
Thus, they began May the 7th with 80,394 bitcoin. They begin today with 500 BTC. One huge pressure on bitcoin’s price has therefore now gone.
Source: https://www.trustnodes.com/2022/05/16/luna-confirms-they-sold-all-bitcoin