Do Kwon Went Shopping?
On July 3, Do Kwon, the CEO of Terraform Labs, withdrew a total of 5,592 BTC (approximately $172.4 million) from a virtual asset wallet. This represents the largest amount of Bitcoin in Kwon’s on-chain assets to date.
The wallet in question is associated with the Luna Foundation, a Binance wallet that CEO Kwon established in January 2021 to support the price of LUNC, the native token of the Luna protocol. 5,292 BTC from the LFG wallets were transferred to an anonymous wallet on July 3.
In November 2022, it was initially reported that this wallet held 6,983 bitcoins, and since then, all subsequent transactions involving this wallet have been monitored and reported, amounting to a total of 10 transactions.
This recent significant withdrawal occurred approximately two months after a withdrawal of 351 BTC on May 8. Prior to the transfer of 5,292 BTC, there were three transactions on June 22 and 23, involving the exchange of 0.0211 bitcoins between the Luna Foundation wallets and the anonymous wallet.
The identity of the anonymous wallet can only be determined through further investigation. It is believed to be a recently created personal wallet, as its first transaction occurred on June 22, and there have been only four transactions in total.
As of July 5, the 5,292 BTC that was moved to the anonymous wallet has not been further transferred or transacted.
In November 2022, it was initially reported that this wallet held 6,983 bitcoins, and since then, all subsequent transactions involving this wallet have been monitored and reported, amounting to a total of 10 transactions.
This recent significant withdrawal occurred approximately two months after a withdrawal of 351 BTC on May 8. Prior to the transfer of 5,292 BTC, there were three transactions on June 22 and 23, involving the exchange of 0.0211 bitcoins between the Luna Foundation wallets and the anonymous wallet.
The identity of the anonymous wallet can only be determined through further investigation. It is believed to be a recently created personal wallet, as its first transaction occurred on June 22, and there have been only four transactions in total.
As of July 5, the 5,292 BTC that was moved to the anonymous wallet has not been further transferred or transacted.
