3313 Bitcoin was transferred from LFG post Do Kwon’s arrest warrant

The entire globe witnessed the decline of Terra and its possessions. From the time UST lost the pin, until Interpol sent out a red notice against the network’s founder Do Kwon, the ordeal has been chaotic. Now it seems that there was a new twist in the case with a huge amount of Bitcoin involved.

According to reports, ~3313 Bitcoins worth over $69 million were transferred from Luna Foundation Guard [LFG] to two crypto exchanges operating outside of South Korea. This was reportedly carried out shortly after the warrant for Kwon’s arrest was issued on September 14.

For the very first time since the ordeal, South Korean prosecutors were able to freeze some of the transferred Bitcoin. It was brought to light that LFG suddenly created a wallet on Binance on September 15th. Shortly after, 3313 BTC was transferred to both Kucoin and OKX wallets.

It was further revealed that through the LFG account on Binance, transactions worth 1354 Bitcoin were made to Kucoin for 3 consecutive days starting on September 15th. OKX got 1959 Bitcoin, which is about 39 million dollars.

Seoul Southern Prosecutor’s Office [Prosecutor Yang Seok-jo] and the Securities Crimes Joint Investigation Team [Director Dan Seong-han] has overseen the investigation. As these transactions emerged, the team contacted Kucoin and OKX and urged them to freeze the funds.

While Kucoin decided to comply with the request, OKX ignored the same.

Is Do Kwon involved?

Kwon has repeatedly claimed that he was not on the run and was even in contact with government officials. However, a former prosecutor believes Kwon may have tried to use the huge amount of money as an evacuation fund. The official one tired,

“In a normal investigation, it is natural to carry out an intensive investigation on suspicion of money laundering and concealment if a large amount is moved from the suspect’s account after an arrest warrant has been issued. We must first check whether it will be used as an evacuation fund.”

In addition to this, the prosecution is reportedly on guard against escaping, laundering or hiding after the arrest warrant. Furthermore, prosecutors are aware that Kwon is likely to deny any connection to the transferred Bitcoin. Still, investigations took in addition to limiting Kwon’s funds on stage.