Do Kwon tried to disperse more than 3,000 Bitcoins

 Do Kwon's Luna Foundation Guard Foundation is said to have transferred more than 3,000 Bitcoins ($67 million) to cryptocurrency exchanges to disperse assets.

According to CoinDesk Korea, South Korean authorities ordered two cryptocurrency exchanges OKX and KuCoin to freeze 3,313 Bitcoins related to Terraform Labs co-founder Do Kwon. This 9x CEO is said to have transferred the above amount in Bitcoin to two exchanges after September 14 - the day Kwon and five others were issued arrest warrants by the Seoul Court for violating national capital market rules.

Terraform Labs CEO Do Kwon. Photo: Coinage
Terraform Labs CEO Do Kwon. Photo: Coinage

According to the blockchain data analysis platform CryptoQuant, a wallet address belonging to the Luna Foundation Guard (LFG) - a non-profit organization established in Singapore to promote the development of the Terra ecosystem - was unexpectedly created on the exchange. Binance crypto exchange on September 15. Over the next three days, 3,310 Bitcoins moved from this wallet to KuCoin and OKX respectively.

In the months leading up to Terra's demise, LFG bought about $1.5 billion worth of Bitcoin to bolster its reserves for its stablecoin UST. The above Bitcoin number has remained the same to this day.

After the request of the Korean authorities, KuCoin exchange immediately froze 1,354 Bitcoins that LFG sent up, equivalent to 27 million USD. However, OKX exchange is said to "ignore the prosecutor's request". According to CoinDesk, this Bitcoin may soon continue to be dispersed to other exchanges.

KuCoin and OKX declined to comment.

On September 26, Seoul prosecutors said that the international police agency Interpol had issued a Red Wanted Notice to arrest 9x CEO with many charges related to more than 60 billion USD in cryptocurrency investors. "vaporize". Previously, Kwon and 5 others were also issued arrest warrants by the Seoul Court for violating national capital market rules. This move aims to shed light on the issues surrounding the demise of two tokens in the Terra ecosystem, Luna and UST.

A day later, Kwon claimed he was not hiding, still walking, shopping and "coding in the living room" but declined to reveal his specific whereabouts.

Previously, Kwon was believed to be in Singapore, but the country's police confirmed that Terraform Labs CEO had left. According to Bloomberg, with the wanted Interpol, the move of Terraform CEO will be very difficult in the coming time, and can be arrested and extradited to Korea at any time.

In May, the crypto community witnessed one of the biggest disasters in history, when both the Luna and UST coins lost almost all of their value. In mid-August, Kwon denied the allegations related to the collapse, asserting that the Terra project was not a multi-level fraud scheme. He said he also suffered heavy damage, but it is not clear how much he lost. When asked about the possibility of going to prison in the future, Kwon was not too afraid. "Life is long," said the 9x CEO.

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