Luna Foundation transfers millions in AVAX & BNB following Do Kwon’s SEC settlement

2024-05-31 09:07:22 ET

The Luna Foundation Guard has stirred discussions with its massive transfers involving Binance Coin (BNB) and Avalanche (AVAX).

Arkham Intelligence data shows an LFG-linked address moved AVAX tokens worth $72.51 million, 1,974,000 tokens, and BNB worth about $23.64 million, 39,499 coins, to anonymous wallets.

Markets’ response

The strategic asset shift saw Avalanche and Binance Coin bearishness before slight recoveries.

AVAX traded at $36.14 during this publication, down 0.02% over the past day. Further, BNB’s 3.59% recovery pegged its price at $592.29.

Avalanche hovered between $37,06 and $36.00 today, with its $14.2 billion market cap making it the 12th-largest digital token by value.

Moreover, its daily trading volume jumped 1.8% to $382 million, reflecting shifting trends within the cryptocurrency sector.

Similarly, BNB touched the $602 high before dipping to its press time price levels. Its $87.5 billion market capitalization places it at the 4th spot on Coinmarketcap.

Further, the 7% uptick in 24-hour trading volume highlights soaring demand for Binance Coin.

Meanwhile, LUNA and LUNC have displayed robust bullish momentum since the settlement updates emerged. The former gained nearly 20% over the past day to trade at $0.6844.

LUNA’s 24-hour trading volume increased 800% to $256.33 million, highlighting amplified investor activity.

Terraform’s settlement with the SEC

Notably, the massive asset transfer comes after

Terraform Labs and founder Do Kwon accepted a settlement agreement with the US SEC

.

The duo agreed on a settlement before Judge Jed Rakoff on Wednesday, 29 May, with orders to confirm and present the settlement policies by 12 June 2024.

The regulator has urged the

court to slam Terraform Labs and CEO Do Kwon with a $5.3 billion penalty

. That came after the jury found the firm and Kwon responsible for Terra’s ecosystem collapse.

Nonetheless,

the defendant team asked

for a lower fine of around $1 million, urging for dismissal of the disgorgement penalty.

Market players will watch out for the settlement’s final terms as the parties present finalized documents for court approval on 12 June.

LFG’s movement of AVAX and BNB worth over $95 million represents strategic asset shifts within the digital assets space.

The Luna Foundation Group revealed plans to improve fund safety while ensuring traceability and transparency.

The firm intends to transfer the funds to direct custody in the coming days to boost security.

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Luna Foundation transfers millions in AVAX & BNB following Do Kwon’s SEC settlement

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