A recent significant Bitcoin transfer, worth over $160 million, has raised eyebrows and sparked inquiries into the Luna Foundation Guard (LFG).
The unknown entity behind the transfer moved 5,292 Bitcoin from an LFG-controlled wallet to an unrelated wallet, shedding light on the ongoing investigations surrounding Terra and its affiliated entities.
This development adds to the complexity of the situation and raises questions about the future of the individuals involved.
The Luna Foundation Guard, associated with Terraform Labs and co-founder Do Kwon, was established to stabilize the volatility of LUNA tokens by providing support through TerraUSD.
However, this approach was not successful, leading to the collapse of Terra in May 2022. Since then, there have been several movements of crypto assets from LFG-controlled wallets, and the recent Bitcoin transfer is part of this series of transactions.
Blockchain data analysis reveals that the LFG wallet, reportedly connected to the sender of the recent transfer, held approximately 6,983 BTC in October 2022.
Over the past nine months, funds have been dispersed to different addresses, leaving the wallet with a remaining balance of 0.152427 BTC.
Previous reports from the United States Securities and Exchange Commission implicated Do Kwon and Terra in the laundering of over $100 million worth of BTC.
South Korean authorities also discovered more than $314 million in crypto assets associated with Kwon and his associates, leading to frozen accounts.
Kwon was arrested in March for alleged use of counterfeit travel documents and, along with former Terra CFO Han Chong-joon, was sentenced to four months in prison in June.
The recent Bitcoin transfer from an LFG-controlled wallet further complicates the situation surrounding Terra and its affiliated entities.
The implications of these movements and the future of the individuals involved remain uncertain as legal proceedings continue. South Korean news outlets have claimed a connection between the sender’s wallet address and LFG, although independent verification is lacking at this time.
