In a recent revelation that has raised many eyebrows in the crypto world, Terraform Labs CEO Do Kwon is reportedly involved in secret crypto transfers.
Report Reveals Alleged Secret Crypto Transfers by Terraform Labs CEO
He is said to have moved 1 million USDC from his personal wallet to a new one, which was then immediately forwarded to Binance. This intriguing development comes despite Kwon currently serving time in prison, adding a layer of mystery to the whole affair.
Transfers Made Amidst Legal Troubles
These transfers are not merely curious; they raise serious questions about Kwon’s activities while incarcerated. According to Digital Asset’s report, Kwon’s personal wallet was found to have transferred a million USDC to Binance on June 26 through a newly created wallet. However, it remains unclear whether this transaction was an attempt to pay out or part of a broader, undisclosed strategy.
Mysterious New Wallet in the Spotlight
Adding to the intrigue is a previously unseen wallet address appearing in proximity to Kwon. Data from Digital Asset reveals that the hefty sum of 1 million USDC was moved from Kwon’s personal wallet to this new address. The funds, upon reaching the new wallet, were promptly dispatched to Binance. This chain of events suggests a possible effort to cash out as exchanges typically value coins as cash equivalents.
A Complex Web of Wallets and Transactions
Further deepening the mystery, the personal wallet from which the USDC was transferred is just one of six wallets connected to Kwon. The CEO reportedly transferred funds multiple times to a fresh wallet address that had remained dormant since May.
This sudden flurry of activity and the creation of a second wallet that sent the USDC from the personal wallet directly to Binance has raised eyebrows. At the moment, the intermediary wallet has seen just 15 transactions, all of which are now under scrutiny.
Professor’s Take: A Case for Closer Inspection
Providing an expert viewpoint, Professor Cho Jae-woo of Seoul National University has commented on the case, suggesting that Kwon may have continued to liquidate his cryptocurrency assets even after his arrest in Montenegro in March. If an investigation into the new wallet is initiated, Professor Cho believes that Binance may need to cooperate actively.
Despite the data revealed so far, identifying the owner of the new wallet remains a challenge. Given South Korean Kwon’s recent sentencing to a four-month jail term in Montenegro for using fraudulent passports, and the ongoing search for him by US authorities on fraud allegations, it is conceivable that there is more to the story that is yet to unfold.
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