Do Kwon, founder and CEO of Terraform Labs, has recently found himself in the focus of the law. After the Terra (LUNA) debacle in May, the 31-year-old software developer came under criticism for the way he handled the situation. However, there were no official arrest warrants for him until recently. Now, recent reports suggest that Kwon has been secretly moving his funds. Here are the details…
LUNA inventor is secretly moving funds
As cryptokoin.com reported, the collapse of the algorithmic stablecoin UST plunged the overall crypto market into a $40 billion drop. Kwon, on the other hand, reacted mostly with the difficulties in handling the situation. Recently, it has been making headlines in the legal field. According to the latest news, Kwon is secretly mobilizing his funds. That’s because fans believe Kwon should finance his “escape life”.
Do Kwon just moved 250k USDC to a mysterious account.https://t.co/Rv0keaKh0D
— 조재우(Jaewoo Cho)⚡️ (@clayop) September 20, 2022
Jaewoo Choo, a blockchain advocate and Assistant Professor at Hansung University, highlighted the development. “Do Kwon just moved 250,000 USDC to a mysterious account,” Choo shared the transaction details in a tweet on Tuesday. According to data from Etherscan, Kwon’s address 0xda44200196cfb3416bf011eed608f354804337ba transferred $250,000 worth of USDC to an unknown wallet yesterday morning.
Wallet has $31M USDC and ETH
Following the transfer, the wallet has over $31 million USDC and ETH balances as of the date of publication. The transaction sparked backlash in the crypto community. In particular, the famous Terra informant FatMan shared his comments on the subject. FatMan said, “Living on the run must be tough. Are their main accounts monitored?” he tweeted. He also highlighted that the wallet still has over $30 million in balance, informing the community that Do Kwon is not as poor as everyone believed. FatMan said:
To be clear, this is just a personal wallet. The vast majority of cash payments were made through TFL-specified accounts, not shadow wallets. Therefore, this amount is most likely an ear of a camel.
To be clear, this is just one wallet, and a personal wallet at that. The vast majority of cashouts happened through TFL-denoted accounts, not shadow wallets, so this amount is likely a drop in the bucket.
Open question for Do: what was your net worth before Terra & after Terra?
— FatMan (@FatManTerra) September 20, 2022
Do Kwon said in an interview with the Wall Street Journal in late June that he lost almost all of his money in the Terra fiasco. Before the WSJ interview, Kwon stated in his first interview after the Terra collapse that he bet big on the Terra project and lost. His wallet balance and FatMan’s latest claims suggest that Kwon may have more money than he announced. Additionally, his recent need for money has fueled the belief that he may be a fugitive.
South Korean officials denied Kwon
As we have reported, South Korean authorities have disproved Kwon’s allegations that he was collaborating with them. According to authorities, Singapore police confirmed that Kwon is no longer in the country. So, according to their statement, the Terra boss is currently “escaped the law”. These statements follow Kwon’s claims that he is willing to cooperate with the relevant authorities. As part of the authorities’ efforts to apprehend Kwon, prosecutors requested a red notice alert from Interpol.
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