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Recent findings indicate that Terraforms Labs and its co-founder Do Kwon are transferring Bitcoin and other digital currencies worth a significant amount. This action has sparked curiosity among experts who wonder if Kwon is gathering funds for legal defenses.
Last month, South Korean journalists reported that individuals close to Kwon began the sale of Bitcoin linked to the Luna Foundation Guard. This came after they relocated 5,292 BTC to another digital wallet.
Interestingly, Kwon, even from his confinement in Montenegro, hasn't ceased his operations in the cryptocurrency sector. Out of the 5,292 BTC related to the Luna Foundation Guard, 239 BTC was transferred. Moreover, either Kwon or his close circles have been noticed making additional transfers.
Following his detention in Montenegro earlier this year, the frequency of these transfers surged. Notably, Terraform Labs also relocated tokens of Convex Finance worth roughly $8.7 million. Current data shows that the digital wallet labeled “bc1qs6” now possesses BTC equivalent to $146 million after a recent shift from “bc1q42.”
The United States Securities and Exchange Commission (SEC) has noted that subsequent to the Terra-LUNA predicament, Kwon and Terraform Labs discreetly relocated 10,000 BTC to a more secure digital wallet. Currently, Kwon is transferring BTC from this wallet to the cryptocurrency bank Sygnum and has successfully converted these assets into millions in liquid cash.
Simultaneously, the legal battle between the SEC and Terraform Labs intensifies. In recent events, attorneys for Kwon and Terraforms Labs attempted to challenge the SEC lawsuit, claiming it didn't have valid jurisdiction. Their argument leaned on Judge Torres’s ruling in the SEC's case against Ripple Labs. However, Judge Rakoff discarded this motion, deeming Judge Torres’s decision non-binding in the current case.
Kwon, previously found guilty of using a counterfeit passport by a Montenegro court, received a four-month sentence. Yet, his future remains uncertain. Multiple nations, including the US and South Korea, intend to seek Kwon for alleged fraudulent activities linked to the downturn of Terraform Labs. Although extradition may be challenging since neither nation holds an extradition pact with Montenegro.
