Analysts believe the new address may be Do Kwon’s personal wallet

$163 million in BTC transferred from TFL founder’s wallet to a new address

05.07.2023 - 07:00


2 min

What’s new? On July 3, 5292 BTC (more than $163 million) were transferred from a wallet belonging to Terraform Labs (TFL) founder Do Kwon to a new anonymous address. This is the tenth transaction recorded by analysts at Digital Asset since November 2022, when the wallet had 6983 BTC.

News on the Digital Asset website

What else is known? The wallet from which the transaction took place was created in January 2021 on the Binance exchange for the Luna Foundation Guard (LFG). At the time, Do Kwon stated that it would “protect the price of LUNC (Terra Classic).” Prior to the major transfer, two test transactions of 0,0211 BTC were made between the two addresses on June 22 and 23. According to analysts, the new address is probably a newly created personal wallet. At the time of writing all 5292 BTC remain on the anonymous wallet and no longer move.

On June 26, Digital Asset reported that $1 million in USDC stablecoins was transferred from Do Kwon’s personal wallet to the Binance crypto exchange. This could be related to an attempt to cash out the funds. Meanwhile, the entrepreneur himself is currently serving a prison sentence in Montenegro for passport forgery.

After Kwon’s release, Montenegro will consider the issue of his extradition to South Korea or the United States, the authorities of both countries intend to achieve the presence of the entrepreneur at the domestic trials.

A number of countries initiated investigations into the Terra ecosystem collapse in May 2022. Interpol and South Korea, of which he is a citizen, issued arrest warrants for Kwon. The US Attorney’s Office and securities regulator, as well as the police in Singapore, are also conducting their own investigations. Collective lawsuits against TFL and Kwon have been filed by investors from Korea, the United States,and Singapore.


Michael Golikov Michael Golikov

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