HomeNewsDo Kwon's Crypto Chess: Pivotal Bitcoin Moves Amidst Legal Battles

Do Kwon’s Crypto Chess: Pivotal Bitcoin Moves Amidst Legal Battles

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  • Terraforms Labs’ Do Kwon shifts significant Bitcoin assets amidst legal predicaments, raising suspicions of fundraising for legal fees.
  • Following his arrest, the flow of cryptocurrencies from wallets related to Kwon has intensified, including substantial transfers of BTC and CVX tokens.

Deciphering Kwon’s Bitcoin Movements

In recent times, Terraforms Labs (TFL) and its co-founder Do Kwon have been at the center of cryptographic asset maneuvers involving millions in Bitcoin (BTC) and other cryptos. These financial relocations, revealed through on-chain data and highlighted by a South Korean media house, denote that Kwon and his allies initiated the sale of Bitcoin tied to Luna Foundation Guard post relocating 5,292 BTC to a distinct digital wallet.

Despite his confinement in Montenegro, Kwon’s cryptographic engagements haven’t decelerated. Of the aforementioned 5,292 BTC, 239 BTC underwent a transfer connected to Luna Foundation Guard. Furthermore, these operations intensified post Kwon’s detainment in May. Simultaneously, Terraform Labs repositioned 1.8 million Convex Finance (CVX) tokens, approximating a value of $8.7 million. Current insights reveal a wallet tagged “bc1qs6” safeguarding 5,053.26 BTC – a valuation of roughly $146 million, post a shift to “bc1q42”.

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It’s also intriguing to note that the U.S. Securities and Exchange Commission (SEC) brought to light covert transfers of 10,000 BTC to a cold storage solution by Terraform Labs and Kwon, post the Terra-LUNA turmoil. Kwon persists in migrating BTC from this secured storage, directing it to the cryptocurrency bank, Sygnum, and has liquidated millions thus far.

Intricacies in the Legal Realm

As these cryptographic shifts unfold, an intense legal dispute brews between the SEC and Terraform Labs Pte Ltd. Recently, Kwon’s legal representatives proposed a dismissal of the SEC lawsuit, questioning its jurisdictional authority. This maneuver was inspired by Judge Torres’s verdict in the SEC vs. Ripple Labs saga. Yet, this attempt was quashed by Judge Rakoff, who negated the Torres decision’s applicability to the present case.

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Adding layers to Kwon’s predicaments, he encountered a four-month incarceration in Montenegro owing to counterfeit passport usage. The road ahead for Kwon, post-release, is shrouded in uncertainty, compounded by potential imprisonments across diverse jurisdictions.

The U.S. and South Korea express eagerness to initiate Kwon’s extradition linked to fraud allegations surrounding Terraform Labs’ downfall. This extradition endeavor isn’t straightforward due to Montenegro’s absence of extradition pacts with the aforementioned nations. Nevertheless, Montenegro’s supreme judicial body appears inclined to repatriate Kwon to South Korea, his homeland, where, if found guilty, he could confront a staggering 40-year imprisonment.


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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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