3,313 BTC were suddenly transferred from Do Kwon to two overseas cryptocurrency exchanges

As the widely-publicized saga of Terraform Labs continues to unravel, a suspicious transfer in Bitcoin was discovered by the cryptocurrency platform’s CEO Do Kwon immediately after his arrest warrant issuance.

Terra’s Do Kwon made a suspicious 3,310 BTC transfer shortly after his arrest warrant issuance

Indeed, shortly after the news broke out of South Korean prosecutors issuing an arrest warrant for the Terra (LUNA) CEO, around 3,313 BTC were suddenly transferred from Do Kwon to two overseas cryptocurrency exchanges, CoinDesk Korea reported on September 27.

Considering the price of Bitcoin at press time, the amount transferred to KuCoin and OKX wallets was worth around $66.65 million. The transfers were made from a Luna Foundation Guard (LFG) crypto wallet that was created on September 15, one day after the arrest warrant was issued for Do Kwon, citing broken securities laws. The Luna Foundation Guard (LFG) virtual asset wallet was suddenly created on September 15th on Binance, the world’s largest virtual asset exchange. About 3313 BTC was transferred to Kucoin and OKX wallets.

As a reminder, Do Kwon established LFG as a non-profit organization to protect the price reserves of LUNA. As per data from the crypto data analytics platform CryptoQuant, 3,313 Bitcoin were transferred to KuCoin from September 15 to 18, whereas OKX received 1,959 BTC.

At the same time, South Korean prosecutors have made steps toward freezing assets linked to Do Kwon, sending requests to both KuCoin and OKX to freeze the transferred 3,313 BTC, Bloomberg’s Sangmi Cha and Tanzeel Akhtar reported on September 27.

According to CoinDesk Korea, KuCoin froze 1,354 BTC of the transferred assets, whereas OKX ignored the request because the 1,959 may have already been moved to another exchange.

Meanwhile, after denying he was on the run after the issuance of the arrest warrant a week ago, Do Kwon again took to Twitter to reiterate that he was not hiding from the authorities, as he said:

In mid-August, Do Kwon broke his silence in his first public interview since his project’s collapse that started a devastating domino effect across the entire cryptocurrency landscape, as Finbold reported.

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