Do Kwon and the Luna Foundation Guard (LFG) have denied the accusations made against them by CryptoQuant. Indeed, the latter would have managed to identify a movement of more than 3,300 Bitcoins (BTC), or about 67 million dollars, emanating from a wallet belonging to the LFG, the organisation in charge of Terra of which Do Kwon is a member.
Do Kwon denies the accusations against him
Do Kwon, the founder of Terra (LUNA), has denied via Twitter that he was behind the recent Bitcoin (BTC) movements attributed to him by the firm CryptoQuant.
Indeed, according to information revealed by CoinDesk’s Korean section, CryptoQuant identified a wallet as belonging to the Luna Foundation Guard (LFG), which was created the day after Do Kwon’s arrest warrant was issued, on September 15.
According to on-chain information, the wallet in question sent a total of 3,313 BTC to two different wallets, one hosted on the KuCoin exchange and the other on OKX. These fund movements did not escape the attention of the South Korean authorities either, who immediately asked the two exchanges concerned to freeze the funds while an investigation was carried out.
At the time of writing, only KuCoin has resigned to freeze Bitcoins on its platform.
The main person concerned has formally denied the accusations made against him:
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
What has been probably the most surprising thing about all this is the amount of misinformation that is being spread. There is no cashout as claimed, I haven’t used KuCoin or OKX in at least a year, and no funds from tfl, lfg or any other entity have been frozen. “
The Luna Foundation Guard also defends itself
For its part, Luna Foundation Guard also denied via Twitter its involvement in the matter, giving the address of its wallet representing its treasury, which currently holds 313 BTC, or just over $6 million at current prices. LFG also clarified that it has not created a new wallet or transferred any cryptocurrency since May 2022.
However, CryptoQuant did make a notable exit by replying under the LFG’s tweet that this was only the public wallet, implying of course that it held one or more other wallets.
That’s the public one.
– CryptoQuant.com (@cryptoquant_com) September 28, 2022
For your information, the Luna Foundation Guard is the organisation responsible for supporting the development of the Terra ecosystem as a whole. Its members include Do Kwon, Nicholas Platias (Terra’s Director of Research), Remi Tetot (co-founder of Real Vision), José Maria Macedo (partner at Delphi Digital) and Kanav Kariya (President of Jump Crypto).
Thus, the Terra case continues to move forward in the pea soup, and continues to bring its share of contradictory information. Do Kwon was recently placed on Interpol’s red list according to a Bloomberg report, making him an international fugitive.
