Do Kwon transferred 9,64 BTC in November. Analysts recorded the movement of funds from the LFG wallet
According to Digital Asset, Terraform Labs CEO may have withdrawn about $118 million from the fund’s wallets and cashed out
23.12.2022 - 11:30
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What’s new? Analysts at South Korea’s Digital Asset reported that Terraform Labs (TFL) CEO Do Kwon withdrew large amounts of bitcoins from an address belonging to the Luna Foundation Guard (LFG). LFG was created to support the Terra blockchain ecosystem, which collapsed in May of this year. In addition, according to journalists, the founder of Terra is now in Serbia, where he fled from the UAE. Previously, this information was confirmed by the South Korean authorities.
News on the Digital Asset website
What else is known? Analysts have been tracking data on the blockchain for seven months since the lawsuit against Do Kwon was filed. On November 8, they recorded a transfer of 9,64 BTC (about $188 000 at that time) from the LFG wallet to the Binance exchange. On November 30, Digital Asset reported that Do Kwon transferred 6983 BTC (~$118 million) from the LFG wallet to Binance to an anonymous address. Do Kwon did not respond to calls and messages from analysts seeking comment on these transfers.
According to prosecutors, Do Kwon recently entered Serbia, where exchanging cryptocurrencies for cash is fairly easy, such as through numerous crypto ATMs. The South Korean Ministry of Finance already submitted a request for cooperation to the Serbian government as part of the investigation into the Terra collapse.
In September, the South Korean prosecutor’s office issued an arrest warrant for the head of TFL, and Interpol put him on the international wanted list.
In November, the South Korean prosecutor’s office said that Do Kwon instructed his employee to manipulate the price of the Terra (LUNA) token, which is called Terra Classic (LUNC) after the May 2022 hard fork. Private messenger exchanges are cited as evidence.
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