LUNA Inventor Brings This Cryptocurrency To The Exchanges!

The drama surrounding Kwon is mounting. The blockchain startup, which is currently wanted in South Korea, has been placed on Interpol’s wanted list with a red notice, according to prosecutors announced on September 26. However, the inventor of the LUNA emerged on Twitter on September 26 against all this. Kwon said he “didn’t try to hide or even made zero effort” from the authorities. But an argument put forward showed the opposite.

LUNA inventor brought this cryptocurrency to exchanges

South Korean prosecutors are reportedly making efforts to freeze Bitcoin in contact with the LUNA inventor. The Seoul Southern District Attorney’s Office asked KuCoin and OKX to freeze 3,313 Bitcoins allegedly coming from the LUNA Foundation Guard (LFG). According to the information obtained, Kwon moved the $ 67 million Bitcoin from LFG’s vault to the stock markets. Prosecutors argued that LFG transferred the funds to exchanges on September 15. This is the day after the Seoul court issued an arrest warrant for Kwon.

Crypto researcher CryptoQuant has argued that the funds came from LFG, according to the CoinDesk Korea report. This makes sense, as Kwon has managed LFG’s funding in the past. He bought millions of dollars in Bitcoin before Terra’s $40 billion collapse in May. OKX and KuCoin exchange, where BTCs are moved, are not registered in Korea. That is, they do not have to fully listen to the demands of prosecutors. CoinDesk Korea report reported that KuCoin accepted the prosecutor’s request, but OKX remained silent.

Interpol is calling with a red notice

The LUNA collapse and the investigations into Kwon have become one of the biggest events in crypto history. As we reported, Prosecutors said Interpol had added Kwon to its red notice list earlier on Monday. Accordingly, the founding partner of Terraform Labs is wanted by the local security forces of 195 countries. Following these events, Kwon took to Twitter and said he was “not hiding”. He also pointed out that his name is not on Interpol’s website.

If the prosecutor’s and CryptoQuant’s findings are proven to be correct, Bitcoin transfers will make Kwon more suspicious. This may even indicate that the LUNA founder has crashed his own project. Kwon didn’t hide his brash personality last year when Terra was in good shape. But he and Terraform Labs have been much less transparent when it comes to discussing financial matters.

What are Kwon and LFG on trial for?

LFG was a fund launched in January to keep the UST pegged to the dollar. Prior to Terra’s explosion, he had $3.5 billion worth of Bitcoin reserves. In the aftermath of the crash, LFG said it spent over $1 billion in Bitcoin in a last-ditch effort to save UST. However, some questioned this claim and found no random proof of how the funds were spent four months later. LFG’s public Bitcoin wallet currently holds 313 Bitcoins and has seen around 71,000 crypto transactions before it melted down.

Prosecutors are trying to arrest Kwon for allegedly violating capital markets law. They are also investigating him on other charges of tax fraud and running a Ponzi scheme. It remains unclear what the 3,313 BTC will be used for. However, officials believe that since the LUNA collapse, Kwon has been saving some reserves for his personal escape fund. If Kwon is found to have withdrawn money from the LFG, it’s possible that prosecutors will strengthen his case in the courtroom.

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