What’s Up With Terraform Labs and Do Kwon?
– Do Kwon, the co-founder of Terra, and his associates have made a substantial withdrawal of Bitcoin linked to the Luna Foundation Guard (LFG).
– $163 million worth of Bitcoin, totaling 5,292 Bitcoins, was moved from a Binance wallet owned by the Luna Foundation to an unknown wallet.
Lingering Questions
– The entire 5,292 BTC held in the LFG wallet were deposited into an unknown wallet, raising questions about the movement of these funds.
Suspicious Withdrawals
– Terra co-founder Do Kwon and TFL have been involved in other significant cryptocurrency withdrawals during the Montenegro court proceedings.
– They transferred 1.8 million Convex Finance (CVX) tokens, with a value of nearly $8.7 million.
– Do Kwon or an affiliate allegedly moved stablecoins worth $400,000 and Terra Classic (LUNC) valued at $150,000 from wallets managed by him to a separate wallet.
– Do Kwon has transferred crypto assets worth $29 million since his arrest.
Kwon Crackdown
– Do Kwon reportedly exchanged Bitcoin worth $190,000 from the Luna Foundation Guard for cash in Serbia.
– Swiss prosecutors have frozen crypto assets and fiat currency associated with Terraform Labs and Do Kwon in Sygnum, following a request from the New York Federal Prosecutors Office and the SEC.
Hot Take
– The recent moves by Do Kwon and Terraform Labs raise concerns and uncertainty about the future of Terra and the individuals involved. The ongoing court proceedings and investigations add to the complexity of the situation, leaving many questions unanswered. The frozen assets and intensified scrutiny indicate a crackdown on their transactions and activities. As more details emerge, it remains to be seen how this will impact Terra and its key figures.
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