$160M in Bitcoin Moved from Luna Foundation Guard Wallet

An unknown party has moved more than $160 million worth of Bitcoin from a wallet reportedly tied to the Luna Foundation Guard (LFG), the organization connected to Terraform Labs and its co-founder, Do Kwon.

According to a July 5 report, someone transferred 5295 Bitcoin from an LFG address to a wallet seemingly not associated with Terra on July 3. The crypto was worth roughly $161 million at the time of publication.

Blockchain data showed the reported LFG wallet had a balance of roughly 6,983 BTC in October 2022, with several transactions moving funds to different addresses over the last nine months. At the time of publication, the wallet had a balance of 0.152427 BTC, or roughly $4,649.

South Korean news outlets have reported the sender’s wallet address was associated with LFG.

It’s unclear how much in digital assets Kwon or Terra individuals with access may have moved from Terra amid its collapse. The United States Securities and Exchange Commission reported in February that Kwon and Terra laundered more than $100 million worth of BTC, while in April, South Korean prosecutors identified more than $314 million — later freezing some of the assets — in crypto associated with Kwon and his associates.

Kwon, after reportedly being on the run for several months following Terra’s collapse, was arrested in Montenegro in March for allegedly using forged travel documents. In June, authorities sentenced him and former Terra chief financial officer Han Chong-joon to four months in prison.