In a recent development, an unknown entity has executed a significant Bitcoin transfer, worth over $160 million, from a wallet connected to the Luna Foundation Guard (LFG).
This organization is associated with Terraform Labs and its co-founder, Do Kwon.
On July 3, the unidentified party moved 5,292 Bitcoin (BTC), equivalent to approximately $30,719 per coin, from an LFG address to a wallet that does not appear to be linked to Terra.
At the time of this report, the total value of the transferred cryptocurrency amounted to roughly $161 million.
This transfer is part of a series of movements of crypto assets from LFG-controlled wallets, which have been occurring since the collapse of Terra in May 2022.
Analysis of blockchain data reveals that the reported LFG wallet held about 6,983 BTC in October 2022, with several transactions dispersing funds to different addresses over the past nine months.
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As of now, the wallet contains a balance of 0.152427 BTC, valued at approximately $4,649.
While South Korean news outlets have claimed that the sender’s wallet address is associated with LFG, this assertion has not been independently verified by Cointelegraph.
It is important to note that the Luna Foundation Guard was established to mitigate the volatility of LUNA tokens by supporting the project with TerraUSD.
Unfortunately, this approach ultimately proved unsuccessful.
The exact amount of digital assets moved by Kwon or other individuals associated with Terra during its collapse remains unclear.
In February, the United States Securities and Exchange Commission reported that Kwon and Terra were involved in laundering over $100 million worth of BTC.
Additionally, South Korean prosecutors identified more than $314 million in crypto assets connected to Kwon and his associates, some of which were subsequently frozen.
After evading authorities for several months following Terra’s collapse, Kwon was arrested in Montenegro in March for allegedly using counterfeit travel documents.
In June, he and former Terra chief financial officer Han Chong-joon were sentenced to four months in prison.
This recent Bitcoin transfer from an LFG-controlled wallet further adds to the complexity and ongoing investigations surrounding Terra and its affiliated entities.
The implications of these movements and the future of the individuals involved remain uncertain as legal proceedings continue.
