Foreign media: Do Kwon Transferred 3313 BTC to Offshore Trading Platform after Being Wanted

Sept 27,2022
KingData News: According to Coindesk Korea, shortly after Korean prosecutors issued an arrest warrant for Terra founder Do Kwon on September 14, 3,313 BTC from LFG's wallet address were transferred to two crypto trading platforms outside of Korea, including 1,959 BTC to OKX and 1,354 BTC to Kucoin, totaling about $6.59 million. The Korean prosecutors have frozen the BTC transferred to Kucoin and believe that Do Kwon is suspected of fleeing and laundering money. It is said that LFG is a non-profit consortium established by Do Kwon in January to defend the price (reserve) of LUNA (Terra), etc. It once owned 4 trillion won worth of BTC, but the exact details of its use cannot be confirmed.
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.