Recent times have been tumultuous for the crypto market. A lot of ups and downs have been witnessed as well. For example, the downfall of Terra and its assets occurred right before the globe, with all eyes on it. Various such instances have occurred that brings the plight of the crypto world into light such as losing pegs by UST, the issue of red notice against the founder Do Kwon by Interpol, etc. However, the problems do not seem to stop as new twists and turns keep rising in the case involving Do Kwon.
What is the new plot that emerged in the Do Kwon case?
A new dilemma has presented itself in the case involving the transfer of Bitcoin. As the reports suggested, a transfer of Bitcoin worth 69 million dollars has been discovered. This Bitcoin was transferred from that Luna Foundation guard to two crypto exchanges that are functioning outside the South Korean Territories. It has also been found that this transfer was done within a short span since the warrant was issued against Kwon.
What were the steps taken to correct it?
After the above-mentioned detail came to light, the South Korean entities took several steps to make it right. For example, they froze the Bitcoin that was transferred. After a thorough investigation it was also discovered that after the issue of the warrant on the 14th of September, the LFG made a wallet on the Binance platform, from who h the transfer took place. This transfer was done from LFG to two coin exchanges, namely Kucoin and OKX wallet.
The transaction that was done from LFG was not a one-time process but that occurred continuously for three days. The Kucoin wallet received almost as many as 1354 Bitcoin whereas the OKX wallet received almost 1959 Bitcoin which amounted to 39 million dollars.
How has the investigation been carried out?
With each passing moment and with each investigation, new information is coming to light that raises all the more questions and suspicion in the minds of people. However, the authorities have been delving deep into the matter and are leaving no stone unturned to get to the root of it all. The authorities involved in the investigation comprise Seoul Southern District Prosecutor’s Office and the Securities Crimes Joint Investigation Team.
After the investigation, they ordered both wallets to immediately freeze the assets they have received. The former agreed to the urges whereas the latter contested them by simply ignoring them.
Do Kwon and his involvement in the case
After the allegations that came to light and led to the arrest warrant, Do Kwon has reportedly commented that he was not hiding from the officials and that he was in constant communication with government officials. The huge transfer of money that was carried out from the LFG account just after the issue of the warrant, raised suspicion of that money being used as an evacuation fund.
It has been stated by the officials that whenever such an event occurs that involves sending and receiving money, it is most probably used for illicit activities or to cover up such activities.
Even though Kwon has denied any accusations that were brought against him, the government officials are still looking into the matter to bring the real truth to the public. It is the first and foremost priority to further the investigation necessary as well as put restrictions on the use of funds by Kwon. This step has been taken to put an end to all of the illegal activities done by Kwon, at least until the investigation is over.