Do-Kwon in Serious Trouble, May Lose Over 3000 Bitcoin Worth Over $66M

Published by
Sahana Vibhute

Ever since the LUNC-USTC crisis kicked off in May, the founder, do kwon , is in deep water. Initially, he was accused of fraud and a scam, but presently the founder is being probed by the alleged crypto fugitive. According to some reports, the authorities have now moved forward to seize more than 3000 Bitcoin stored in a wallet which is reportedly operated by the founder himself. 

The South Korean prosecutors allege that Do-Kwon tried to cash out over 3313 BTC through kucoin  and okex immediately after a warrant was issued against him. They believe that these funds arrived from the LFG reserves, which were earlier claimed to have been deployed to defend the algorithmic stablecoin USTC’s peg(known as UST earlier). 

The report also suggests that these BTC were moved from various sources to a wallet named LUNA Foundation Gaurd(LFG). Therefore, now the question arises whether Do-Kwon misused the funds which were secured for the USTC’s defence!

Do-Kwon has been served with an Interpol notice in nearly 125 nations and is alleged to be hiding. While the founder squashed the claims of being on the run, he failed to disclose his location either. 

For the first time in the last 4 months, the authorities have taken stringent action and frozen Do-Kwon assets. Therefore, in the coming days, more information may be revealed as they currently refuse to divulge their plan of action ahead. 

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Recent Posts

Bitcoin (BTC) Price To Fall Further In December, Claims Top Analyst

Bitcoin price has endured a choppy 2022, with market strategists struggling to point out the…

December 2, 2022

Will Ripple’s Possession of XRP Tokens Create a Problem in the Ongoing Case?

With the issuing of a Summary Judgment, the long Ripple vs SEC case which had…

December 2, 2022

Top 3 Altcoins For December 2022:-BNB, MATIC, LINK Price to Explode Very Soon!

After the fresh price slash, Bitcoin's price appears to be quite uncertain as it is…

December 2, 2022

Oryen Network Leads Staking Revolution With 250% Price Increase With Many Aptos, Tron And Cosmos Holders Investing

Oryen (ORY) breaks new ground by offering investors a stable APY, unlike Aptos, Tron, and…

December 2, 2022

Fantom (FTM) Price Ignites a Giant Move, Poised for a 50% Upswing to Reach $0.5 in the Next 2 Weeks!

The crypto space had undergone a significant upswing in the past couple of weeks as…

December 2, 2022

Rasta Beach Club – The Free Mint NFT Collection Expected To Light Up The Ethereum Blockchain

Rasta Beach Club is a generative NFT Art collection. The bright & vibrant collection combines…

December 2, 2022