Key Points:
On July 3rd, 2021, the encrypted wallet held by Terraform Labs CEO Do Kwon, known as Luna Foundation Guard (LFG)’s Binance wallet, transferred all 5,292 BTC (approximately $163 million) to a new anonymous wallet that has no known connection to Kwon, according to Digital Asset. This transfer was confirmed by on-chain data analysis. Prior to the transfer, the wallet had withdrawn 351 BTC on May 8th.
The LFG wallet is the Binance wallet of the Luna Foundation, which Kwon established in January 2021 with the aim of defending the price of LUNC (Terra Classic). The wallet contained the largest amount of Bitcoin among Kwon’s on-chain assets.
On November 2022, it was reported for the first time that 6983 BTC (approximately 155.6 billion won) were stored in this wallet. Since then, all transactions that took place in the wallet have been tracked and reported ten times.
As of July 5th, the 5292 BTC that moved to the anonymous wallet is no longer moving.
Previously, the Montenegrin court made a decision to detain Kwon for six months for re-determination of bail and extradition trial.
Prior to the BTC transfer, a test transfer appeared between the LFG wallet and the anonymous wallet on June 22nd and 23rd, where they exchanged 0.0211 BTC (approximately 870,000 won) three times.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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