Do Kwon, LFG deny cashing out 3313 BTC Do Kwon, LFG deny cashing out 3313 BTC
South Korean authorities reportedly urged KuCoin and OKX to freeze 3313 BTC worth over $69 million transferred to their platform.
2 min read
Updated: Sep. 28, 2022 at 10:29 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Terraform Labs co-founder Do Kwon and Luna Foundation Guard (LFG) have denied reports that the foundation moved to sell 3313 BTC worth over $69 million via KuCoin and OKX crypto exchanges.
Data analytics platform CryptoQuant reportedly identified a wallet address created on Binance by the LFG shortly after an arrest warrant was issued for Do Kwon on Sept. 14.
By Sept. 17, the LFG had transferred a total of 3313 BTC through Binance, with 1354 BTC flowing into Kucoin, while OKX received 1959 BTC.
South Korean authorities reportedly requested that the exchanges freeze the assets. Kucoin has frozen 1354 BTC while OKX is yet to oblige to the request.
Do Kwon and LFG denies cashing out
The Luna Foundation Guard (LFG) denied creating any new wallet address except its public treasury’ address. It added that it has not moved its BTC holdings since the Luna ecosystem crash in May 2022.
The LFG treasury’s $BTC wallet is:
bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q
LFG hasn’t created any new wallets or moved $BTC or other tokens held by LFG since May 2022.@CoinDesk @iamsandali @cryptoquant_com https://t.co/VFN8A4mJRo
— LFG | Luna Foundation Guard (@LFG_org) September 27, 2022
A fact check into the Treasury wallet shared by the LFG reveals it completed its last transaction on May 18, 2022. The wallet received approximately 71,000 BTC and spent 70,736 BTC. As of press time, it holds 313 BTC worth approximately $5.8 million.
Do Kwon supported the LFG’s claim adding that he has not used Kucoin nor OKX exchanges in the last year.
What has been probably the most surprising in all this is the amount of misinformation that gets spread.
There is no “cashout” as alleged, i havent used kucoin or okex in at least the last year, and no funds of tfl, lfg or any other entities have been frozen. https://t.co/E1cbKgoqQz
— Do Kwon 🌕 (@stablekwon) September 28, 2022
Do Kwon has been accused severally of miking the Terra ecosystem. Back in June, Terra employees accused him of withdrawing some $80 million before the Luna collapse.
Do Kwon also denied allegations that he withdrew $2.7 million from the Terra ecosystem through Degenbox by Abracadabra Money.
Do Kwon wanted globally
Following Interpol’s red warrant issued against Do Kwon on Sept. 27, law enforcement authorities worldwide are on the lookout to arrest him.
Do Kwon however claims that he is making zero effort to hide or evade arrest.
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Christian Nwobodo
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Terraform Labs
Terraform Labs is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins.
Do Kwon began his professional journey as an engineer, contributing to tech giants Apple and Microsoft.