Good question. This needs more attention.
Where are the bitcoins, and what has been done with them?
Disclosure: As a Bitcoiner who has suffered Terra-related market wreckage, I am doubly-interested here. I suffered that without complaint, as long as I believed that they were using the BTC reserve to make UST holders whole; after all, that would be BTC doing its job as a reserve asset. (I have said so before.) But if they have mishandled the BTC reserve in any way, then they hurt UST holders, LUNA holders, and BTC holders all at once.