According to on-chain data, an individual or group of individuals transferred 5,292 BTC (about $161 million) between two unknown addresses. However, as Korean press reported, the sender’s wallet address was tied to Luna Foundation Guard while the receiving wallet is not associated with Terra.
Also according to the report, this LFG wallet had a balance of 6,983 BTC as of October 2022. Since then, there have been many transfers from this wallet to other addresses. After the recent transaction, its balance is only 0.152427 BTC, or about $4.649.
It is not unclear if it is really an LFG wallet and if it is, it must be the move of Do Kwon or Terra employees. However, according to South Korean prosecutors, since his arrest in March, Do Kwon has transferred $29 million worth of crypto from the Luna Foundation Guard wallet. It is likely that Kwon transferred $29 million in crypto himself or had someone else do it for him.
The U.S Securities and Exchange Commission (SEC) said in February that Kwon and Terra laundered more than $100 million in Bitcoin, while in April South Korean prosecutors identified more than $314 million in crypto associated with Kwon and his co-workers.
The Montenegro court recently sentenced Terraform Labs CEO Do Kwon and Chief Financial Officer Han Chang-joon to four months in prison each for using fake passports. Do Kwon will have to go to prison, although he was previously accepted on bail for $428,000.
A South Korean prosecutor said that Do Kwon could have to go to jail in both the US and South Korea after serving his sentence in Montenegro.