- Reportedly, 3,313 BTC ($67 million) were transferred from a wallet under the Luna Foundation Guard (LFG) name to KuCoin and OKX exchanges.
- At the request of Korean authorities, KuCoin immediately froze 1,354 BTC linked to Do Kwon.
- LUNA has been on a downfall for the majority of the last two weeks.
The Terra ecosystem collapse, which triggered losses across the board in the crypto market, brought its co-founder Do Kwon within the authorities' crosshair. With the case gradually intensifying, the investigation took a much more serious turn after Interpol issued a red notice in Do Kwon's name.
Merely days after this development, Do Kwon has reportedly been linked to transferring assets worth almost $67 million.
LFG?! Not really
As per reports, on September 27, about 1,354 BTC, worth a little over $27.2 million, were frozen by the Korean prosecutors following Do Kwon's arrest warrant.
A new account was created under the guise of Luna Foundation Guard on September 15, just a day after the arrest warrant was issued. Over the following three days, approximately 3,313 BTC, amounting to almost $67 million, were noted to be leaving this account and being transferred to two exchanges. About 1,354 BTC out of the total amount were sent to the crypto exchange KuCoin, which was immediately frozen at the request of the authorities.
The remaining 1,959 BTC could not be frozen due to a lack of cooperation from the OKX exchange, which ignored the prosecutors' request. These Bitcoins are expected to have moved to other platforms from the exchange.
As reported by FXStreet, not too long ago, Do Kwon could be seen defending his innocence on Twitter, claiming he wasn't "on the run". However, according to a former Korean prosecutor,
"In a normal criminal investigation, if a large amount of money was moved from the suspect's account after the issuance of an arrest warrant, it is natural to conduct an intensive investigation with allegations of laundering and concealment."
LUNA's hits just keep on coming
After marking a good first half this month, LUNA began slipping on the charts and invalidated more than 54% of all gains noted in the first 12 days. Falling from $5.9, LUNA slid to trade at $2.5 at the time of writing, 7.04% below the opening price, registering another red candle after the above-mentioned development.
For now, the immediate resistance lies at $3.1, a level that has been tested multiple times in the 4-hour timeframe. But the lack of buying pressure observed on the Relative Strength Index (RSI) could act as a hindrance.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.