Massive 5292 Bitcoin (BTC) Linked To Terra Founder Do Kwon And LFG On The Move
Terraform Labs (TFL) and co-founder Do Kwon have moved Bitcoin and other crypto assets worth millions in the last few months. The remaining 5,292 Bitcoins linked to the Luna Foundation Guard (LFG) and Do Kwon also moved to another crypto wallet earlier this week, reported South Korean news media on July 5.
All Bitcoin Withdrawn From Wallet Belonging To Do Kwon and LFG
Someone moved all 5,292 BTC worth $163 million from a Binance wallet of the Luna Foundation (LFG) to an unknown wallet on Monday, reported South Korean media that claims to tracking wallets belonging to TFL, LFG, and Do Kwon.
The US Securities and Exchange Commission (SEC) said Do Kwon and TFL secretly transferred 10,000 BTC to a cold wallet after the Terra-LUNA crisis. Do Kwon continue to transfer Bitcoin from the cold wallet to crypto bank Sygnum and cashed out millions until now.
The latest transfer happened from the LFG crypto wallet which was opened in January 2021. According to on-chain data, 5292 BTC in the LFG wallet was deposited into an unknown wallet.
Also Read: Twitter CEO Officially Discloses Reasons For “Rate Limits” And Other Policy Changes
Other Withdrawals by Terra Founder and TFL
Terra co-founder Do Kwon and TFL have withdrawn Bitcoin and other crypto assets worth millions during court proceedings in Montenegro. Terraform Labs transferred 1.8 million Convex Finance (CVX) tokens worth nearly $8.7 million.
Meanwhile, stablecoins worth $400,000 and Terra Classic (LUNC) worth $150,000 were withdrawn from wallets reportedly managed by Terra co-founder Do Kwon to a separate wallet in May. South Korean prosecutors claimed Terra co-founder or an affiliate transferred crypto assets worth $29 million since his arrest.
CoinGape earlier reported that Terra co-founder Do Kwon exchanged Bitcoin worth $190K from the Luna Foundation Guard for cash in Serbia.
Last month, Swiss prosecutors froze crypto assets and fiat currency related to Terraform Labs and co-founder Do Kwon in Sygnum at the request of the New York Federal Prosecutors Office and the US Securities and Exchange Commission (SEC).
Also Read: Financial Authorities Prepare For Crypto Asset Regulation
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- What’s Behind Ethereum’s Drop: Macro, TVL, DeFi & Liquidity Zones
- Bitcoin ETFs Record Biggest Daily Outflow Since August as OG Whales Cash Out
- CZ Trump Pardon: Binance Founder Denies Any Trump Family Ties
- Odds for December Rate Cut Soar to 71% After Michigan Consumer Sentiment Hits 2nd-Lowest in History
- Breaking: James Chanos Exits MSTR Short After Premium Drop
- After a 17% Jump, Is Litecoin Price Rebound Sustainable Amid Dominant Sell Activity?
- Cardano Price Soars 10% Amid Retail Accumulation: Will Bulls Target $1?
- Bitcoin Price: How Low BTC Could Fall by the End of 2025?
- Post-Giveaway Supply Shock: Impact on FUNToken’s Liquidity and Market Depth
- Aster Price Poised to Hit $2 as Coinbase Adds ASTER to Listing Roadmap
- Filecoin Price Rockets 51% as Grayscale’s FIL Holdings Hit Record High — What’s Next for FIL?
