Do Kwon, the creator of Terra (LUNA), announced on Twitter, stating that the LFG had purchased "an extra [USD] 100M worth of BTC for UST fx reserves," as well as a link to the LFG reserves webpage.

The LFG presently owns roughly USD 2.25 billion in reserves, with 75.5 percent - or USD 1.7 billion - in bitcoin, as per this dashboard. An additional 17.7% is in USD coins (USDC), worth USD 398.6 million.

Related Post:'We are buying in:' Terra's CEO to reserve $10B in Bitcoin

Notably, since the price of BTC and other crypto-assets has fallen recently, LFG's reserve balance in US dollars has suffered a blow. The reserve was valued at USD 3.658 billion at its peak.

Terra said in February that it would back its stablecoin UST in part with bitcoin, as initially disclosed. Do Kwon stated that the foundation intends to buy USD 10 billion in bitcoin.

"A new monetary era under the Bitcoin standard will start with [USD]10 billion in BTC reserves," he stated. "Btc that is easier to spend and more appealing to hold as P2P [peer-to-peer] electronic currency."

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Coinbase under new criticism

Coinbase, a major US-based crypto platform, has again come under fire after releasing a new list of assets that are "under review for listing." A community member classified several of the projects as "dumb" and "almost utterly dead."

Coinbase announced that it is exploring offering mainly unknown Ethereum (ETH)-based ERC-20 tokens such StudentCoin (STC), Polkamon (PMON), and Big Data Protocol (BDP) in the second half of this year. There are also 42 additional ERC-20 tokens and 5 Solana (SOL)-based coins.

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A renowned crypto advocate, Cobie, shared his thoughts on Twitter today, calling Big Data Protocol a concept that was "almost utterly dead before [the] listing blog post."

He went on to say that Big Data Protocol was a project that received some recognition before when Justin Sun, the creator of Tron (TRX), and crypto trading company Alameda Research "farmed it with billions." However, everything came to a halt when the smart contract "inadvertently froze people's assets" due to a programming error.

Cobie went after StudentCoin, calling it "a terrific 2017-ICO-style moniker."

"How does it work?" Did they rebase supply, or did it collapse by 80% and never recover? No one knows except for the Coinbase Listings Team," Cobie explained.

Related Post:The Avalanche developer tools are now on Coinbase Cloud

The prominent influencer's reaction occurred after chastising Coinbase for its listing practices. He joked last month that the platform may add something "dumb like 'StudentCoin' next."

And his assumption seems to become a reality today.

"Coinbase introduced StudentCoin because of this post to counter Cobie for likes or something," Eric Wall, a chief investment officer of crypto hedge fund Arcane Assets, said in response to the post.

Other prominent members of the cryptocurrency industry have also criticized the platform.