Luna Foundation Guard Denies Bitcoin Transfer Allegation

Luna Foundation Guard Denies Bitcoin Transfer Allegation

Current situation

The Singapore-based non-profit Luna Foundation Guard, or LFG, which is created to advance the development of Terra, has refuted CoinDesk's claim that a wallet address was made on Binance specifically for LFG On September 15, CoinDesk published a report citing CryptoQuant analysis, which claimed that this wallet belonged to LFG and that it was connected to 3313 Bitcoins (or $67 million) sent to two exchanges Kucoin and OKX from September 15 to September 18.

In particular, on September 28, LFG posted a tweet on the Twitter platform denying CoinDesk's report and claiming they hasn't created any new wallet or move any Bitcoin or other tokens that this organization held since May 2022.

In the same tweet, LFG also provided evidence that the organization's treasury address, which is a $BTC wallet, was used to show the community that no transactions had been performed outside of the timeframe since May.

LFG's announcement came after the news that Do Kwon was still operating normally after the news about him was issued a Red Notice by Interpol. Authorities of the Seoul District Prosecutors' Office have sent a request to two exchanges Kucoin and OKX to freeze the above 3313 Bitcoin assets to prevent money laundering.

On the same day, September 28, after LFG's tweet, Do Kwon's Twitter account make an announcement to deny the allegation of withdrawing the amount of 67 million USD. Since Kwon asserted that the current spreading information is false and that he himself has not used Kucoin and OKX since last year and no treasury funds of Terraform Labs or Luna Foundation Guard, or other funds have been frozen.

Personal perspective

The actions taken by Luna Foundation Guard in general and by Do Kwon himself in particular to refute the claims demonstrate that this situation is more complicated than the general public initially believed. Do Kwon added that, contrary to recent media reports, his name could not be discovered on the Interpol's Red Notice list. In addition to what was said above, the community is being led to believe by the media that Do Kwon is being arrested and wanted is not true information. There have been various conspiracy theories advanced, but no matter which way the situation goes, the biggest losers are still retail investors.

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