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Luna Foundation Guard Denies Bitcoin Transfers To Exchanges

The Singapore-based non-profit Luna Foundation Guard (LFG) has forbidden the establishment of wallets after May 2022, according to a CoinDesk article.

LFG denied a CoinDesk Korea article that referenced analytics tool CryptoQuant and claimed a wallet built for LFG on the Binance exchange on September 15.

According to CoinDesk Korea, 3,313 BTC were moved to crypto exchanges KuCoin and OKX over the next several days.

South Korean officials attempted to freeze the 3,313 BTC in question by contacting exchanges OKX and Kucoin. KuCoin froze 1,354 BTC of the transferred assets, while OKX dismissed the request since the remaining 1,959 BTC may have already been transferred to another exchange.

The announcement comes as Terraform Labs CEO Do Kwon continues to resist South Korean courts, which have issued an arrest order for him. Interpol issued a Red Notice for Do Kwon yesterday, but he looks to be on the run.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.