Crypto user moves $160M Bitcoin from Luna Foundation Guard wallet: Report

Blockchain data showed the wallet reportedly associated with LFG had a balance of roughly 6,983 BTC in October 2022, with transactions later moving funds to different addresses.

An unknown party has moved more than $160 million worth of Bitcoin from a wallet reportedly tied to Luna Foundation Guard (LFG), the organization connected to Terraform Labs and its co-founder Do Kwon.

According to a July 5 report, an individual or individuals transferred 5,292 Bitcoin (BTC) from an LFG address to a wallet seemingly not associated with Terra on July 3 — the crypto was worth roughly $161 million at the time of publication. The transaction was the latest in a series of moves of crypto assets from LFG-controlled wallets amid and following the collapse of Terra in May 2022.

5,292 #BTC (162,439,939 USD) transferred from unknown wallet to unknown wallethttps://t.co/yVq6fde9yd

— Whale Alert (@whale_alert) July 3, 2023

Blockchain data showed the reported LFG wallet had a balance of roughly 6,983 BTC in October 2022, with several transactions moving funds to different addresses over the last nine months. At the time of publication, the wallet had a balance of 0.152427 BTC, or roughly $4,649.

Other South Korean news outlets have reported the sender’s wallet address was associated with LFG, but Cointelegraph was unable to independently confirm this claim. The organization was launched as part of attempts to stabilize the volatility of LUNA tokens by backing the project with TerraUSD — an approach that ultimately failed.

It’s unclear how much in digital assets Kwon or Terra individuals with access may have moved from Terra amid its collapse. The United States Securities and Exchange Commission reported in February that Kwon and Terra laundered more than $100 million worth of BTC, while in April South Korean prosecutors identified more than $314 million — later freezing some of the assets — in crypto associated with Kwon and his associates.

Kwon, after reportedly being on the run for several months following Terra’s collapse, was arrested in Montenegro in March for allegedly using forged travel documents. In June, authorities sentenced him and former Terra chief financial officer Han Chong-joon to four months in prison.

Magazine: Korean crypto contagion, Bank of China on Ethereum, HK’s exchange red carpet: Asia Express