Do Kwon Denies Attempting to Cash Out $67M in Bitcoin After Arrest Warrant Issued
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Do Kwon Denies Attempting to Cash Out $67M in Bitcoin After Arrest Warrant Issued

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Created 1mo ago, last updated 1mo ago

The Luna Foundation Guard has issued its own denial — and says that no new wallets or Bitcoin transfers have been performed since May 2022.

Do Kwon Denies Attempting to Cash Out $67M in Bitcoin After Arrest Warrant Issued

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As law enforcement agencies around the world battle to track him down, Do Kwon has lashed out at "misinformation" that's spreading online.

News reports had suggested that Kwon had attempted to cash out Bitcoin worth $67 million — a day after an arrest warrant was issued against him earlier this month.

But hitting back on Twitter, the embattled Terraform Labs founder denied that any such cashout had occurred — and attempted to poke holes in the story.

It was claimed that OKX and KuCoin had been asked to freeze 3,313 BTC that was linked to the crypto entrepreneur, but Kwon says he hasn't used these exchanges in over a year.

All of this ties back to a report from CryptoQuant, which says that a digital wallet for the Luna Foundation Guard was suddenly established in the middle of September.

If this name sounds familiar, LFG was tasked with amassing vast amounts of Bitcoin to defend the peg of the algorithmic stablecoin UST — efforts that ultimately failed.

The Luna Foundation Guard has issued its own denial — and says that no new wallets or Bitcoin transfers have been performed since May 2022.

It went on to share its "official" crypto address, which last performed transactions four months ago. The total balance of this wallet currently stands at 313 BTC — about $6 million.

Kwon has struck a defiant tone ever since Interpol issued a red notice against him.

He's claimed that he is making "zero effort" to hide his whereabouts — and says he's just coding in his living room, going on walks, and visiting shopping malls.

Kwon went on to suggest that it's highly likely that some members of Crypto Twitter would have seen him out and about.

Nonetheless, he hasn't been confident enough to disclose where in the world he actually is.

He's facing charges in South Korea related to the collapse of LUNA and UST, which wiped an estimated $60 billion from the crypto market.

As well as being accused of financial fraud and falling afoul of South Korea's capital markets laws, class action lawsuits have been unveiled in the United States.

Many experts believe it's a matter of time before Kwon is apprehended.

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