Do Kwon has denied the allegations of cashing out $67 million worth of Bitcoin right after the arrest warrant, as claimed by Coindesk Korea. The report claimed that, Not long after the CEO of Terraform Labs (TFL), Do Kwon, received an arrest warrant, he abruptly transferred about 3313 BTC (Bitcoin) to two foreign virtual asset exchanges.
The transferred Bitcoin is a sizable sum of about 66.59 million dollars. From September 15th to September 18th, a total of 3313 BTC from the Luna Foundation Guard (LFG) Binance wallet was transferred to Kucoin and OKX, according to CryptoQuant.
The wallet on Kucoin, which contained the transferred 1354 BTC, was reportedly frozen. Meanwhile, the report claimed that OKX is allegedly disregarding the prosecution’s request to freeze its own assets.
Do Kwon already denies the claims, saying he has never used OKX nor KuCoin for over a year. According to him, There is no “cashout” as alleged, and no funds have been frozen.
What has been probably the most surprising in all this is the amount of misinformation that gets spread.
There is no “cashout” as alleged, i havent used kucoin or okex in at least the last year, and no funds of tfl, lfg or any other entities have been frozen. https://t.co/E1cbKgoqQz
— Do Kwon 🌕 (@stablekwon) September 28, 2022
In solidarity, Luna Foundation Guard’s (LFG) Twitter account also affirms its original address, saying there’s no such fund movement as alleged by CryptoQuant. LFG stated that since May 2022, it hasn’t created any new wallets or transferred any of the LFG-owned Bitcoin or other tokens.
The LFG treasury’s $BTC wallet is:
bc1q9d4ywgfnd8h43da5tpcxcn6ajv590cg6d3tg6axemvljvt2k76zs50tv4q
LFG hasn’t created any new wallets or moved $BTC or other tokens held by LFG since May 2022.@CoinDesk @iamsandali @cryptoquant_com https://t.co/VFN8A4mJRo
— LFG | Luna Foundation Guard (@LFG_org) September 27, 2022
CryptoQuant responded under the tweet with the phrase “That’s the public one,” indicating that the address provided by LFG is the public address and not the secret one created for the cash-out. But, who knows?!
That's the public one.
— CryptoQuant.com (@cryptoquant_com) September 28, 2022
Do Kwon Makes A Joke About Being On The Run As Widely Alleged
Despite the public allegations of a Manhunt and an arrest warrant issued against Do Kwon, he has stated that he’s not on the run. He also noted that he’s not trying to hide and that his team is ready to cooperate with any authority when called upon.
Furthermore, Do Kwon seems to be too relaxed about the whole issue as he’s making a joke about being alleged to be on the run in a recent tweet.
Tbh havent gone running in a while, need to cut some calories https://t.co/SP9VtS5ob2
— Do Kwon 🌕 (@stablekwon) September 17, 2022
Final Thoughts
Despite the recent over 60% price pump recorded just yesterday from $0.00017940 to around $0.0003275 as the biggest cryptocurrency exchange in the world by volume, Binance launched a new burn mechanism for the community, and the price of LUNC has dipped down again to $0.00027 levels, losing almost all the gains. The crash affected other related assets such as $USTC, $MIR, $ANC, and $LUNA.
$LUNC is still very much volatile as the value is highly dependent on news development and community sentiments. Except projects and developers get back to building on LUNC, it might remain this volatile for a long time.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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