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3310 BTC Moved From Terra's LFG Wallet as Prosecutors Target Do Kwon

South Korean authorities issue arrest warrant for Terra founder Do Kwon, prompting the transfer of 3310 BTC from LFG's Binance wallet to KuCoin and OKX.
Published on 2022-09-27

Arrest Warrant and Bitcoin Transfer

South Korean officials issued an arrest warrant for Terraform Labs co-founder Do Kwon, leading to the movement of 3310 BTC from the Luna Foundation Guard's (LFG) Binance wallet. The funds, worth approximately $66.7 million, were transferred to two crypto exchanges: KuCoin and OKX.

Distribution and Exchange Responses

  • KuCoin: Received 1959 BTC, which was subsequently frozen at the request of South Korean authorities.
  • OKX: Received 1,354 BTC but denied the freeze request, raising concerns that the funds might have been moved elsewhere.

Ongoing Investigation

Prosecutors are investigating the transfers for potential money laundering, concealment, and espionage activities. The funds were moved in multiple transactions between September 15 and 18.

Do Kwon's Response

Do Kwon took to Twitter to assert his cooperation with authorities and denied any efforts to hide, though his exact whereabouts remain unknown.

This case highlights the complexities of crypto regulation and cross-border legal challenges.

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