Summary:
- Last week, the Luna Foundation Guard apparently moved around $69 million worth of Bitcoin.
- CryptoQuant found the deals soon after South Korean district attorneys released an arrest warrant for Terra CEO Do Kwon, CoinDesk Korea reported on Tuesday.
- CryptoQuant analysis revealed that the LFG developed a wallet on Binance and after that moved the BTC to wallets on Kucoin and OKX.
- Authorities handled to freeze the funds sent out to Kucoin after the platform abided by a demand.
- OKX did not react to the freeze demand from district attorneys at press time.
The Luna Foundation Guard (LFG) moved some 3133 Bitcoin (BTC) recently following an arrest warrant for Terraform Labs CEO Do Kwon released by South Korean district attorneys, CoinDesk Korea reported on Tuesday.
Authorities released Do Kwon's arrest warrant as part of examinations into Terra's crash, an event where the costs of LUNA (now LUNA Classic) and its sis token TerraUSD (UST) sunk. The taking place collapse of both tokens shaved off some $40 billion from portfolios held by both retail financiers and skilled trading companies.
Tuesday's report mentioned findings made by on-chain information analysis start-up CryptoQuant. According to the company, the LFG produced a wallet on leading crypto exchange Binance at some point on September 15.
Notably, the wallet production took place hours after a South Korean court released Do Kwon's arrest warrant on September 14.
CryptoQuant's finding revealed that the LFG moved 3313 BTC worth north of $69 million at present market value to 2 different wallets on cryptocurrency exchanges Kucoin and OKX. The deals supposedly took 3 days with 1354 BTC sent out to Kucoin and 1959 sent out to OKX.
Afterward, detectives from the Securities Crimes Joint Investigation Team and Seoul Southern District Prosecutor's Office petitioned both platforms with a freeze demand. Both exchanges are not based in South Korea, and for that reason not under the jurisdiction of regional authorities.
However, Kucoin apparently abided by the demand and froze the 1354 BTC sent out to the exchange. OKX likewise informed WuBlockchain that the platform prepares to comply with police.
OKX informed WuBlockchain: We have actually frozen the appropriate account and mean to do all that we can to work together with the pertinent police as needed. https://t.co/NMOsTCCK52
-- Wu Blockchain (@WuBlockchain) September 27, 2022
Earlier LFG Asset Report Under Scrutiny
The newest findings from CryptoQuant bring into concern the LFG's earlier report on its digital property holdings. As formerly reported, the not-for-profit company held a treasury including digital possessions to support Terra's community and development.
Following LUNA and UST's crash in May, the LFG apparently released a few of the properties in an expected effort to stem the damage. On May 16, the structure launched a thread declaring it held less than 400 BTC after releasing its treasury.
-- LFG|Luna Foundation Guard (@LFG_org) May 16, 20227/ On May 12, LFG switched 883,525,674$ UST to 221,021,746$ LUNA & & staked this throughout a variety of validators to secure versus a possible governance attack as the quantity of $ LUNA continued to increase.
All deals explained above have actually now been finished.
Sentiments on social networks recommended that Terra users and neighborhood members were left doubtful by the structure's report. A singing Terra user understood by the monicker FatManTerra on Twitter raised comparable concerns after the news broke.
I am as soon as again offering @stablekwon the advantage of the doubt and asking that he release MM information showing the bitcoins were released for UST peg defence. It has actually been months and no openness has actually been offered whatsoever, not even the name of the marketplace maker. https://t.co/c0ZO6FoCUg
-- FatMan (@FatManTerra) September 27, 2022
At press time, neither Terra CEO Do Kwon nor the LFG reacted to the claims.
Updated at 12: 30 UTC: OKX abides by the freeze demand, plans to work together with police.
Read More https://bitcofun.com/lfg-moved-3313-bitcoin-btc-after-authorities-issued-do-kwons-arrest-warrant-coindesk-korea/?feed_id=40835&_unique_id=6337fc82b0391
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