Bitcoin linked to Luna Foundation Guard on the move as Judge denies Terraform founder Do Kwon’s motion to dismiss the US SEC lawsuit.
Terraform Labs (TFL) and co-founder Do Kwon have moved Bitcoin and other crypto assets worth millions of dollars in the past few months. According to on-chain data corroborated by a South Korean news outlet, Do Kwon’s affiliates have begun selling BTC associated with Luna Foundation Guard after transferring 5292 bitcoins to another wallet last month.
Terra Do Kwon Offering LFG-Related Bitcoin?
Digital Asset, which claims to monitor wallets belonging to TFL, LFG, and Do Kwon, reported that while Do Kwon remains imprisoned in Montenegro, his associates in control of his wallets transferred 239 BTC from 5292 BTC linked to Luna Foundation Guard.
On July 3, Do Kwon or his affiliates transmitted the remaining 5292 BTC worth $163 million from a Luna Foundation (LFG) Binance wallet to an unknown wallet, according to Reports.
According to on-chain data, the wallet address “bc1qs6” now contains 5053.26 BTCs worth $146 million following a transfer to “bc1q42.” After the Terra-LUNA crisis, Do Kwon and TFL covertly transfer 10,000 BTC to a cold wallet, according to the US Securities and Exchange Commission (SEC)? Do Kwon has transferred Bitcoin from the cold wallet to the cryptocurrency bank Sygnum and has cashed out millions of dollars.
The most recent transaction originated from the LFG cryptocurrency wallet, created in January 2021. According to data on the blockchain, 5292 BTC from the LFG wallet were sent to an unknown wallet.
After Do Kwon’s detention in Montenegro, the frequency of these transactions increased. Terraform Labs also transferred roughly $8.7 million of Convex Finance (CVX) tokens.
The court Denies Terraform Labs’ Motion to Dismiss The SEC’s Lawsuit
Attorneys for TFL and Do Kwon have filed a motion to dismiss the US SEC lawsuit for lack of jurisdiction. Terra also referenced Judge Torres’ decision in SEC v. Ripple Labs. However, Judge Rakoff denied the motion to dismiss the lawsuit and rejected the precedent-setting decision by Judge Torres in the case.
In the past twenty-four hours, the price of Terra (LUNA) has decreased by 0.5%, with the price currently trading at $0.56. The price of LUNC is $0.000078, up 0.5% in the last 24 hours.
