Do Kwon Executes Massive Bitcoin Transfer Million Sent to Unknown Wallet

Sampson Gideon July 5, 2023

1 minute read

Do Kwon transfers all of his 5,292 BTC crypto wallet (approximately $163 million) to a new unspecified wallet with no connection to Kwon, Digital Asset reports.

On-chain data analysis verifies this transfer, moreover, Before this transfer, the encrypted wallet has withdrawn 351 BTC on May 8th.

Notably, the LFG wallet is the Binance wallet of the Luna Foundation, which Kwon found in January 2021, The wallet contains the largest amount of Bitcoin among Kwon’s on-chain assets.

On November 2022, 6,983 BTC (approximately 155.6 billion won) is hides in this wallet, subsequently, all account transactions is on the lookout and necessary findings is in records for about ten times.

Previously, the Montenegrin court resolves to confine him for six months for re-determination of bail and extradition trial.

Do Kwon Indicted For Alleged Fraud

Do Kwon, the cryptocurrency entrepreneur behind two digital currencies that misplaces an estimate of $40 billion last year. U.S prosscutors charges him with fraud.

Subsequently, Kwon’s condemnation is put to public in the U.S. District Court in Manhattan, several hours after news of his arrest in Montenegro.

However, Lawyers of Kwon in the United States did not directly make comments or respond to reporters’ pleas for comment after business hours.

A South Korean citizen who co-founded Terraform Labs and developed the TerraUSD and Luna currencies, with two reckonings of securities fraud, wire fraud, commodities fraud, and conspiracy states his opinions in the last indictment.

Notably, the criminal case follows appear as a result of U.S. Securities and Exchange Commission civil charges against Kwon and Terraform last month.

Furthermore, he has been a fugitive for several months, and South Korean authorities issues an arrest warrant for him last September.

Shortly after, South Korean police declares that the identity of the suspect in Montenegro is proves to be Kwon after his fingerprints fits the information held by the country’s National Police Agency (KNPA).