Shortly after South Korean authorities issued an arrest warrant for Terraform Labs co-founder, CoinDesk Korea revealed on September 27 that roughly 3,313 BTC were unexpectedly moved from Do Kwon to two offshore cryptocurrency exchanges.
According to Bloomberg’s Sangmi Cha and Tanzeel Akhtar, authorities in South Korea have requested crypto exchanges OKX and KuCoin to freeze some 3,313 BTC, worth around $67 million, tied to Do Kwon.
As CoinDesk Korea writes:
“The Luna Foundation Guard (LFG) virtual asset wallet that was suddenly created on September 15th on Binance, the world’s largest virtual asset exchange. About 3313 BTC was transferred to Kucoin and OKX wallets.”
According to the article, the Bitcoin was moved to the exchanges’ digital wallets immediately after an arrest warrant was filed for Kwon in South Korea on September 14. Authorities accused the crypto entrepreneur of breaking the country’s securities rules, and the warrant was issued just months after the $40 billion Terra ecosystem collapsed, causing a market decline and the demise of other big companies in the field.
To recap, Do Kwon founded LFG as a non-profit corporation with the goal of protecting LUNA’s pricing reserves. According to CryptoQuant statistics, 3,313 Bitcoin were moved to KuCoin between September 15 and 18, while OKX got 1,959 BTC.
According to CoinDesk Korea, 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.
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Harold
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