- This is the largest transfer since the collapse of Terra/Luna
- At current exchange rates, we’re talking about over $163 million
Ex-director of Terraform Labs Do Kwon moved 5,292 BTC from his wallet on July 3. This is reported by analysts of Digital Asset. The transaction was the largest movement of Terraform assets since the company collapsed.
This is the Luna Foundation wallet on the Binance cryptocurrency exchange. Do Kwon opened this account back in 2021.
“Digital Asset discovered on the blockchain that 5,292 BTC from the LFG wallet were transferred to an anonymous wallet that never appeared to Do Kwon. The transaction was made at 23:19 on July 3.”
This wallet originally held 6,983 BTC. Throughout the Terraform debacle, analysts closely monitored the moves.
On May 8, 351 BTC were withdrawn from the LFG wallet. At the end of June, observers recorded small transfers of 0.0211 BTC between this address and an anonymous wallet. Digital Asset believes that these were test transactions. They culminated in a massive move of 5,292 BTC.
The owner of the anonymous address can only be identified by the investigation, Digital Asset summarizes.
Swiss prosecutors recently froze about $26 million in bitcoins and other cryptocurrencies belonging to Terraform Labs. We are talking about the accounts of Do Kwon, the head of the company, former finance director Han Chan-jung, and former head of research Nicholas Platyas. The cryptocurrency was held at Sygnum, a Swiss digital asset bank.