Do Kwon’s Latest Bitcoin Move: A Whopping 5292 BTC Withdrawal

  • Do Kwon, the creator of the collapsed Terra LUNA project, appears to be making significant transfers from prison according to on-chain data.
  • Despite being in jail, Kwon or individuals linked to him have withdrawn 5292 BTC from a wallet owned by the LUNA Foundation.
  • These Bitcoins have been moved to an anonymous wallet, raising questions about Kwon’s future moves and whether he will convert the coins into cash.

Do Kwon’s Mysterious Bitcoin Transfers

Do Kwon, the mastermind behind the Terra LUNA project that went under last year, seems to be orchestrating significant transactions from his prison cell. Blockchain data reveals that Kwon or his associates have withdrawn a whopping 5292 BTC from a wallet owned by the LUNA Foundation. These Bitcoins have been moved to an anonymous wallet, sparking intrigue about Kwon’s next moves and whether he will convert these coins into cash.

Previous Cash Conversions

Kwon has a history of converting large amounts of cryptocurrency into cash. Last year, he successfully converted millions of dollars through Sygnum, a Swiss-based crypto bank. As the founder of Terra LUNA, Kwon gradually converted the coins he had been carrying in a cold wallet into dollars. This latest transfer, however, has left observers in a state of shock. A total of 5292 BTC, worth $163 million, was withdrawn from a wallet created in January 2021. During the court proceedings in Montenegro, it was observed that other cryptocurrencies were also moved.

Other Transfers

In addition to the Bitcoin transfer, Kwon also transferred Convex Finance (CVX) tokens worth approximately $8.7 million during this period. This could be supplemented by $400,000 in stable coins and $150,000 in LUNC. The LUNA Foundation and Kwon’s wallets are closely monitored, and it remains to be seen what moves they will make next and whether they will convert the coins into cash.

Sygnum Account Frozen

Kwon’s actions of securing millions of dollars through the Swiss Sygnum bank were later detected. At the request of the New York Federal Prosecutor’s Office, Swiss prosecutors issued a freezing order for cryptocurrencies and cash linked to the Terraform Labs company and Kwon. Despite these restrictions, it was observed that Kwon was able to withdraw $190,000 in cash while in Serbia.

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Marisol Navarohttps://en.coinotag.com/
Marisol Navaro is a young 21-year-old writer who is passionate about following in Satoshi's footsteps in the cryptocurrency industry. With a drive to learn and understand the latest trends and developments, Marisol provides fresh insights and perspectives on the world of cryptocurrency.
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