- 3,313 Bitcoins in all, valued at almost $67 million as of this writing, had been moved from a wallet linked to Do Kwon.
- International law enforcement agencies have been tasked by Interpol to find and jail Do Kwon.
- Kwon claimed he was “making zero attempts to hide” and that he went on walks and visited malls covertly.
A total of 3,313 Bitcoins, worth approximately $67 million at the time of writing, had been transferred from a wallet connected to Kwon’s Luna Foundation Guard to the exchanges, which received the requests from the prosecution.
The report was confirmed by a representative of the Seoul Southern District Prosecutors’ Office, who declined to elaborate. Requests for comment from KuCoin and OKX representatives were not immediately fulfilled.
Interpol has asked law enforcement authorities worldwide to track down and detain Do Kwon. As we all know, the Terraform Labs founder’s blockchain firm imploded at the beginning of 2022, wiping out $40 billion in investment.
On Monday, Kwon, 31, said that he was “making zero attempts to hide” and that he went on walks and to malls without revealing where he was at the time.
Furthermore, South Korean prosecutors disclosed that beginning on September 15, transactions totaling 1354 Bitcoin were made to Kucoin every day for three straight days through the LFG account on Binance. OKX collected 1959 Bitcoin, or almost $39 million.
The Securities Crimes Joint Investigation Team, led by Director Dan Seong-han, and the Seoul Southern District Prosecutor’s Office, prosecutor Yang Seok-jo, have been in charge of the investigation. The team contacted Kucoin and OKX while these transactions were public, requesting that they freeze the cash.
On September 15, a new wallet address thought to belong to the LFG was generated, claims researcher CryptoQuant. Following that, 3,310 Bitcoins in total were transferred from the wallet to KuCoin and OKX, according to CryptoQuant. On September 14, South Korean prosecutors said that a court had issued an arrest warrant for Kwon.
The researcher explained in an email that “CryptoQuant indicated new Bitcoin addresses controlled by LFG based on transaction patterns, nearby flows, and material non-public information.”
The major mechanism used to keep the TerraUSD stablecoin’s peg to the US dollar in place was a complicated combination of algorithms and trader incentives involving its sister cryptocurrency Luna.