Terraform Labs (TFL) and co-founder Do Kwon have moved Bitcoin and other crypto assets worth millions in the last few months. The remaining 5,292 Bitcoins linked to the Luna Foundation Guard (LFG) and Do Kwon also moved to another crypto wallet earlier this week, reported South Korean news media on July 5.

All Bitcoin Withdrawn From Wallet Belonging To Do Kwon and LFG

Someone moved all 5,292 BTC worth $163 million from a Binance wallet of the Luna Foundation (LFG) to an unknown wallet on Monday, reported South Korean media that claims to tracking wallets belonging to TFL, LFG, and Do Kwon.

The US Securities and Exchange Commission (SEC) said Do Kwon and TFL secretly transferred 10,000 BTC to a cold wallet after the Terra-LUNA crisis. Do Kwon continue to transfer Bitcoin from the cold wallet to crypto bank Sygnum and cashed out millions until now.

The latest transfer happened from the LFG crypto wallet which was opened in January 2021. According to on-chain data, 5292 BTC in the LFG wallet was deposited into an unknown wallet.

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Other Withdrawals by Terra Founder and TFL

Terra co-founder Do Kwon and TFL have withdrawn Bitcoin and other crypto assets worth millions during court proceedings in Montenegro. Terraform Labs transferred 1.8 million Convex Finance (CVX) tokens worth nearly $8.7 million.

Meanwhile, stablecoins worth $400,000 and Terra Classic (LUNC) worth $150,000 were withdrawn from wallets reportedly managed by Terra co-founder Do Kwon to a separate wallet in May. South Korean prosecutors claimed Terra co-founder or an affiliate transferred crypto assets worth $29 million since his arrest.

CoinGape earlier reported that Terra co-founder Do Kwon exchanged Bitcoin worth $190K from the Luna Foundation Guard for cash in Serbia.

Last month, Swiss prosecutors froze crypto assets and fiat currency related to Terraform Labs and co-founder Do Kwon in Sygnum at the request of the New York Federal Prosecutors Office and the US Securities and Exchange Commission (SEC).

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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