Another Unusual Transfer; 3,310 Bitcoin Moved From Terra’s LFG to 2 Exchanges

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Terra LUNC Community Approves New Measure to Reduce Tax Burn
Terra LUNC Community Approves New Measure to Reduce Tax Burn

In the course of looking for Do Kwon, The Luna Foundation Guard (LFG) has made yet another shady transfer. Soon after an arrest warrant was issued, South Korean prosecutors found 3,310 Bitcoin transferred by Terra (LUNA) founder.

Since Do Kwon, the founder and CEO of TerraForm Labs, was given an arrest order by South Korean prosecutors, a sizable sum of Bitcoin (BTC) has been moved from the Luna Foundation Guard (LFG) to two cryptocurrency exchanges.

Coindesk Korea reports that 3,310 Bitcoin, worth around $67 million at the time of writing, were transferred from Binance to KuCoin and OKX shortly after the arrest order was issued. According to them:

“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.”

The 1,354 BTC were moved to KuCoin between September 15, 2022, and September 18, 2022, according to blockchain data. In a similar vein, up to five transactions totaling 1,959 BTC were sent to OKX.

The Funds Are Currently Being Tracked

Authorities in Koran requested that KuCoin freeze the 1,354 BTC that were sent from the LFG wallet to the exchange. The funds were requested to be frozen by the Korean government, but OKX refused. However, since the 1,959 BTC were eventually transferred to another exchange, OKX might have declined the government’s request.

The unexpected transfer may have been made to help Kwon escape or launder money, therefore Korean prosecutors are currently tracking the fund.

Meanwhile, since Kwon’s arrest warrant was issued, this is not the only strange move that has been performed. Kwon transferred a staggering $250,000 worth of USDC to an unknown wallet, according to a previous report.

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