- A hefty sum of 5,292 Bitcoins, worth approximately $163 million and linked to Terraform Labs co-founder Do Kwon and Luna Foundation Guard (LFG), has been moved to an unknown wallet.
- This significant crypto transfer follows a series of other withdrawals, indicating that Do Kwon and Terraform Labs have been moving vast amounts of crypto assets in the past few months.
In a monumental transaction, Terraform Labs (TFL) and its co-founder Do Kwon, have relocated the remaining 5,292 Bitcoins (BTC) associated with the Luna Foundation Guard (LFG) to another crypto wallet, as reported by South Korean media on July 5.
Large-scale BTC Withdrawal Linked to Do Kwon and LFG
On Monday, a sizable sum of 5,292 BTC, equating to approximately $163 million, was moved from the Luna Foundation’s Binance wallet to an unidentified wallet. This event was tracked and reported by South Korean media outlets closely monitoring the wallets associated with Terraform Labs, Luna Foundation Guard, and Do Kwon.
In the aftermath of the Terra-LUNA crisis, the US Securities and Exchange Commission (SEC) disclosed that Do Kwon and TFL had covertly moved 10,000 BTC to a cold wallet. Since then, it’s reported that Do Kwon has been gradually transferring Bitcoin from the cold storage to the crypto bank Sygnum, cashing out millions in the process. The latest transaction was executed from the LFG crypto wallet, which was established in January 2021.
Additional Transfers by Terra’s Co-Founder and TFL
In addition to this significant BTC movement, Do Kwon and TFL have been active in transferring vast sums of Bitcoin and other crypto assets, particularly during court proceedings in Montenegro. In one noteworthy transaction, Terraform Labs relocated 1.8 million Convex Finance (CVX) tokens, equivalent to nearly $8.7 million.
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Moreover, around $400,000 worth of stablecoins and Terra Classic (LUNC) valued at $150,000 were transferred from wallets reportedly managed by Do Kwon to a distinct wallet in May. According to South Korean prosecutors, either Do Kwon or an affiliate has moved crypto assets estimated at $29 million since his arrest.
The latest developments follow reports that Swiss prosecutors have frozen crypto assets and fiat currency connected to Terraform Labs and Do Kwon at the request of the New York Federal Prosecutors Office and the US Securities and Exchange Commission (SEC).
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