It has been revealed that 1,075 Bitcoins, worth approximately 85.2 billion won, have been transferred from a wallet believed to belong to Kwon Do-hyung (32), CEO of Terraform Labs, to an anonymous wallet. This transfer is the third such occurrence where Bitcoins have been moved in full from Kwon's wallet.

According to South Korea's digital currency news outlet, Digital Asset, on August 2 at 9:30 PM, 1,075 Bitcoins were moved from a wallet suspected to be owned by Kwon to an unidentified wallet. Digital Asset notes that this is the third instance of a complete transfer from Kwon's wallet, following similar events in 2022 and 2023. Typically, when all assets are transferred from one wallet to another, it suggests a high likelihood that the two wallets are either owned by the same individual or are closely related.

The major wallets associated with Kwon include the LFG (Luna Foundation Guard) wallet, created to defend Terra's price during the Terra-Luna crisis, and three personal wallets. The first transfer occurred in May 2022 when 12,148 Bitcoins were moved from a Binance hot wallet to the LFG wallet. Subsequently, Bitcoin transfers occurred through various wallets from the LFG wallet.

In April to May 2023, 364 Bitcoins were transferred from an unidentified wallet to a personal wallet that previously held 711 Bitcoins, bringing the total to 1,075 Bitcoins. This entire amount was then transferred, marking the third instance of a full wallet transfer.

The cryptocurrency industry suspects that this recent transfer may be linked to Kwon's legal issues in the U.S., where he faced a civil lawsuit from the Securities and Exchange Commission (SEC) for securities law violations. In June, Kwon agreed to a settlement involving the return of $4.47 billion and payment of fines to the SEC. The significant fines Kwon faces might lead him to attempt to hide his assets and claim a lack of funds.



<Sehee Roh>