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News

Linked Wallet With Do Kwon Drained 18.73M USDC Just In Time 5292 BTC Moved

July 7, 2023 - Around 2 mins mins to read

Key Points:

  • On July 3, all 18.73 million USDC was withdrawn from the virtual asset wallet owned by Terraform Labs CEO Do Kwon.
  • Do Kwon’s associates, who have not been arrested, appear to be trying to make money on a grand scale.
  • On the same day, 5292 BTC (approximately $163 million) from the Luna Foundation Guard (LFG) wallet was also transferred to a new anonymous wallet.
As reported by Digital Asset, the personal Ethereum wallet address of Terraform Labs CEO Do Kwon moved all of his 18.73 million USDC holdings to an anonymous address on July 3. The 1873 USDC withdrawal was confirmed as the largest of all stablecoin transactions that took place in CEO Kwon’s six wallets.
Linked Wallet With Do Kwon Drained 18.73M USDC Just In Time 5292 BTC Moved

The suspected anonymous address was created recently, and the first transaction took place on July 3. From July 3 to 5, the unknown address exchanged 18.73 million USDC for other tokens such as WBTC, ETH, stETH, and DAI through Uniswap, and other DEXs were sent to another anonymous wallet address as well as other DeFi projects.

Linked Wallet With Do Kwon Drained 18.73M USDC Just In Time 5292 BTC Moved
Source: Etherscan

Officials in the virtual asset industry said it appeared that Kwon’s accomplices, who have yet to be arrested, were attempting to withdraw money on a large scale.

According to previous news, the LFG wallet held by Do Kwon moved 5,292 BTC to the new address on July 3, or about $163 million. Prior to the transfer, the wallet withdrew 351 BTC on May 8.

LFG Wallet is a Binance wallet of the Luna Foundation, founded by Kwon in January 2021 for the purpose of protecting the price of LUNC (Terra Classic). The wallet holds the most significant amount of Bitcoin among Kwon’s on-chain assets.

Linked Wallet With Do Kwon Drained 18.73M USDC Just In Time 5292 BTC Moved

A court in Montenegro has ordered that Do Kwon, a former crypto criminal, and his associate Han Chang-Joon remain in detention for an additional six months while judges review extradition requests from the courts. South Korean prosecutors and a separate extradition request for Kwon from the US authorities as he was accused by prosecutors of a series of fraud-related crimes.

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.

News

Linked Wallet With Do Kwon Drained 18.73M USDC Just In Time 5292 BTC Moved

Key Points:

  • On July 3, all 18.73 million USDC was withdrawn from the virtual asset wallet owned by Terraform Labs CEO Do Kwon.
  • Do Kwon’s associates, who have not been arrested, appear to be trying to make money on a grand scale.
  • On the same day, 5292 BTC (approximately $163 million) from the Luna Foundation Guard (LFG) wallet was also transferred to a new anonymous wallet.
As reported by Digital Asset, the personal Ethereum wallet address of Terraform Labs CEO Do Kwon moved all of his 18.73 million USDC holdings to an anonymous address on July 3. The 1873 USDC withdrawal was confirmed as the largest of all stablecoin transactions that took place in CEO Kwon’s six wallets.
Linked Wallet With Do Kwon Drained 18.73M USDC Just In Time 5292 BTC Moved

The suspected anonymous address was created recently, and the first transaction took place on July 3. From July 3 to 5, the unknown address exchanged 18.73 million USDC for other tokens such as WBTC, ETH, stETH, and DAI through Uniswap, and other DEXs were sent to another anonymous wallet address as well as other DeFi projects.

Linked Wallet With Do Kwon Drained 18.73M USDC Just In Time 5292 BTC Moved
Source: Etherscan

Officials in the virtual asset industry said it appeared that Kwon’s accomplices, who have yet to be arrested, were attempting to withdraw money on a large scale.

According to previous news, the LFG wallet held by Do Kwon moved 5,292 BTC to the new address on July 3, or about $163 million. Prior to the transfer, the wallet withdrew 351 BTC on May 8.

LFG Wallet is a Binance wallet of the Luna Foundation, founded by Kwon in January 2021 for the purpose of protecting the price of LUNC (Terra Classic). The wallet holds the most significant amount of Bitcoin among Kwon’s on-chain assets.

Linked Wallet With Do Kwon Drained 18.73M USDC Just In Time 5292 BTC Moved

A court in Montenegro has ordered that Do Kwon, a former crypto criminal, and his associate Han Chang-Joon remain in detention for an additional six months while judges review extradition requests from the courts. South Korean prosecutors and a separate extradition request for Kwon from the US authorities as he was accused by prosecutors of a series of fraud-related crimes.

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.