Do Kwon Transfers 5,292 Bitcoins (BTC) To Unknown Wallet: Report

Do Kwon Transfers 5,292 Bitcoins (BTC) To Unknown Wallet: Report
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Terraform Labs CEO Do Kwon has made a huge transfer of 5,292 Bitcoins (BTC) from his encrypted wallet to an unknown destination, according to a recent report by Digital Asset. The transfer, valued at approximately $163 million, took place on July 3, 2021, raising questions about the motives behind the move.

Prior to this notable transaction, there were smaller test transfers between the Luna Foundation Guard (LFG) and an anonymous wallet on June 22nd and 23rd, involving an exchange of 0.0211 BTC on three occasions. These preliminary movements hinted at the impending transfer of a much larger sum.

Do Kwon’s encrypted wallet, known as the Luna Foundation Guard (LFG) Binance wallet, is associated with the Luna Foundation, which he established in January 2021 with the purpose of safeguarding the price of LUNC (Terra Classic). Among Kwon’s various on-chain assets, the LFG wallet held the largest amount of Bitcoin.

However, little is known about the recipient of the recently transferred Bitcoin. The anonymous wallet has no discernible connection to Do Kwon, leaving observers curious about its origins and intentions. The only way to uncover the identity of the anonymous wallet is through a thorough investigation, which might shed light on its purpose and owner.

5,292 Bitcoins (BTC) and a Legal Trouble for Do Kwon

Legal Troubles for Do Kwon

Interestingly, this transfer comes at a time when Do Kwon is facing legal difficulties. The Montenegrin court recently ordered his detention for four months to re-evaluate his bail and conduct an extradition trial. Recall that the country’s authorities arrested the former crypto industry leader in March while he was trying to board a flight to Dubai with allegedly fake documents.

Meanwhile, in February, Do Kwon and Terraform Labs were also accused by US regulators of “orchestrating a multi-billion dollar crypto asset securities fraud.”

Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), said in a statement that Terraform and Do Kwon failed to provide the public with full, fair, and truthful disclosure as required for a variety of crypto asset securities, most notably Luna and TerraUSD.

He’s also facing real legal issues in South Korea, as the nation’s court issued warrants for the crypto founder and five other people involved in the case.

These legal proceedings are a result of charges related to the collapse of terraUSD and Luna tokens, which caused a significant loss of about $40 billion.


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