Luna Foundation Guard denies moving Bitcoin: Do Kwon Responds

Lavina Daryanani
Source: CryptoPotato

Yesterday, it was reported that Luna Foundation Guard [LFG] transferred roughly 3313 Bitcoins worth over $69 million to two crypto exchanges operating outside South Korea. The same was reportedly carried out shortly after the arrest warrant for Kwon was issued on the 14th of September.

Furthermore, it was also revealed that South Korean prosecutors managed to freeze some of the transferred Bitcoin. It was brought to light that the LFG abruptly created a wallet on Binance on the 15th of September, soon after which 3313 BTC was transferred to both Kucoin and OKX wallets.

Read More: 3313 Bitcoin was transferred from LFG post Do Kwon’s arrest warrant

At press time, the Luna Foundation Guard has denied moving funds and opposed other prosecutor allegations too. In a recent tweet, it asserted that it did not create any new wallets nor had it moved Bitcoin or any other tokens held by it since May this year.

Also Read: Interpol Issues Worldwide Arrest Warrant For Terra founder Do Kwon

Do Kwon’s latest tweet further echoed the same narrative. The Terra founder claimed that there’s been no cashout per se, nor had he used KuCoin or OKEX over the past year. He also asserted that no funds of Terraform Labs or Luna Foundation Guard or any other entity have been frozen.

To believe or not believe?

Evidently, Do Kwon and the LFG have been dodging every contention made by regulators and prosecutors. Even though they have “circumstantial evidence” against the Terra founder, he has not officially been proven guilty.

Read More: Terra founder Do Kwon ‘obviously’ on the run: Korean Prosecutors

However, it should be noted that international organizations like Interpol have stepped into the picture and are on the hunt for Kwon. Resultantly, question marks hang around the credibility of Kwon or LFG’s assertions at this stage.

FatManTerra—a member of the Terra Research Forum—took Twitter to highlight that he was “not sure” about whom to believe. He, however, encouraged Kwon to publish a breakdown and other evidence for clarity.

In the same thread, he further went on to state that he would “lean towards believing Do Kwon” this time. Elaborating on the same, he tweeted,

“To be honest, even though I haven’t seen the “non-public” transaction evidence myself, for once, I would lean towards believing Do Kwon on this one. Chain analysis isn’t foolproof so these flows can’t be tracked with 100% certainty (unless there are some secret Binance subpoenas).”