LFG Cashes Out: Major AVAX and BNB Transfers Unsettle Crypto Market

LFG Moves Large Amounts of AVAX and BNB Tokens

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.

The wallet shifts:

• 1.974 million AVAX ($71.2 million)
• 39.499k BNB ($23.5 million)

Current Market Performance of AVAX and BNB

AVAX and BNB are currently trading in a bearish track at $36.13 and $593.14, respectively. 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.

Market Highlights:

• BNB holds the 4th position on CoinMarketCap with a market cap of $87.5 billion.
• BNB reached a daily high of $601.33 and fell to a low of $592.11.
• BNB’s trading volume surged by 6%, indicating increased demand.
• AVAX is positioned 12th on CoinMarketCap with a market cap of $14.2 billion.
• AVAX reached a high of $37.05 before dipping below $36.
• AVAX’s 24-hour trading volume decreased by 1.80% to $382 million.

Details of the Token Transfers

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.

LFG’s Security Measures

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.