The South Korean authorities issued an arrest warrant against Terra founder Do Kwon previously and immediately after the issuance of the warrant, 3310 BTC was moved from the Luna Foundation Gaurd (LFG) wallet to two different crypto exchanges.
Do Kwon’s LFG wallet transferred 1959 BTC to KuCoin and 1,354 BTC to OKX. The funds transferred are worth $66.7 million at the time of writing.
The Securities Crimes Joint Investigation Team and the Seoul Southern District Prosecutor’s Office have been conducting a thorough investigation since mid-May, when the prosecution requested that Kwon’s assets be frozen.
The funds were moved during the period from September 15 to 18. The transfer was made in separate deposits four to five times. The transfer was analyzed by the prosecutors. The team immediately issued a freeze request to KuCoin, which froze 1354 BTC.
However, OKX denied the request to freeze the 1959 BTC, which might have been moved to other exchanges by now. The details of the transfer, including the potential use of the transferred BTC for money laundering, concealing, and espionage, are reportedly being extensively examined by prosecutors.
Since the arrest warrant had been issued, rumors were spreading that Do Kwon was on the run. However, he took to his Twitter (NYSE:TWTR) account to assure everyone that he is fully compliant with the authorities.
In one of his recent tweets, Kwon also stated that he is making zero effort to hide from anyone. The tweet reply is mainly a response to the allegations, as the whereabouts of Do Kwon are still unknown.
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Source: Cryptocurrency - investing.com
