As the highly known tale of Terraform Labs continues to unfold, a suspicious Bitcoin (BTC) transfer by Terra’s CEO Do Kwon soon after the arrest order.
CoinDesk Korea reported on September 27th that immediately after the news surfaced that South Korean authorities had issued an arrest warrant for the Terra (LUNA) CEO, about 3,313 BTC were moved from Do Kwon to two offshore cryptocurrency exchanges.
Cryptocurrency Wallet Appear
The Bitcoin price at the time of publication indicates that the sum moved to KuCoin and OKX wallets was valued at around $66.65 million. The payments originated from a Luna Foundation Guard (LFG) cryptocurrency wallet created on September 15th, one day after an arrest order for Do Kwon was issued for violating securities laws.
As stated by CoinDesk Korea:
“The Luna Foundation Guard (LFG) virtual asset wallet was suddenly created on September 15th on Binance, the world’s largest virtual asset exchange. About 3313 BTC was transferred to Kucoin and OKX wallets.”
As a reminder, Do Kwon founded LFG as a non-profit corporation to protect LUNA’s pricing reserves. According to the crypto data analytics portal CryptoQuant, between September 15th and September 18th, 3,313 Bitcoins were moved to KuCoin, while OKX got 1,959 BTC.
Having the transfers frozen
Sangmi Cha and Tanzeel Akhtar reported on September 27th that South Korean prosecutors had taken moves toward freezing Do Kwon’s assets by making petitions to both KuCoin and OKEx to freeze the transferred 3,313 BTC.
KuCoin froze 1,354 BTC of the transferred assets, while OKX dismissed the request since the remaining 1,959 BTC may have been transferred to another exchange.
Do Kwon asserts he is not running.
Meanwhile, a week after claiming he was on the run after the arrest warrant, Do Kwon reiterated on Twitter that he was not hiding from the authorities and made no effort to hide.
Yeah as i said im making zero effort to hide
I go on walks and malls, no way none of CT hasnt run into me the past couple weeks
— Do Kwon 🌕 (@stablekwon) September 26, 2022
In mid-August, Do Kwon gave his first public interview since the failure of his project, which had a terrible domino effect on the whole cryptocurrency environment.
