In the last few months, Terraforms Labs (TFL) and co-founder Do Kwon have increasingly moved Bitcoin and other cryptocurrency assets worth millions, in a move that has seen analysts question if he is looking to raise funds for lawyers. 

According to on-chain data verified by a South Korean news outlet, last month, Kwon’s associates commenced selling BTC connected to Luna Foundation Guard after moving 5,292 BTC to another wallet last month. 

The Purported Bitcoin Transfers

Despite being imprisoned in Montenegro, Do Kwon remains active in the crypto space. Besides transferring 239 BTC out of 5,292 BTC connected to the Luna Foundation Guard, either Do Kwon or his affiliates have also conducted other transfers. 

These transfers became more frequent following Do Kwon’s arrest in Montenegro in May this year. Terraform Labs also moved 1.8 million Convex Finance (CVX) tokens valued at about $8.7 million. Data also discloses that the wallet address “bc1qs6” now holds 5,053.26 BTC valued at $146 million following a transfer to “bc1q42.” 

Additionally, the United States Securities and Exchange Commission (SEC) said that after the Terra-LUNA crisis, the embattled Do Kwon and Terraform Labs secretly moved 10,000 BTC to a cold wallet. As such, Do Kwon continues to move BTC from the cold wallet to crypto bank Sygnum and has cashed out millions of dollars to date. 

BTC price falls below $29,000 once again | Source: BTCUSD on Tradingview.com

Transfers Amidst Raging Court Battle

The ongoing transfers come amidst the raging court battle between the Go to Source to See Full Article
Author: Scott Matherson

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