Do-Kwon in Serious Trouble, May Lose Over 3000 Bitcoin Worth Over $66M
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Ever since the LUNC-USTC crisis began in May, founder Do-Kwon has been in deep water. At first he was accused of fraud and scam, but currently the alleged crypto fugitive is investigating the founder. According to some reports, authorities have now moved to seize more than 3,000 Bitcoins stored in a wallet that the founder reportedly managed himself.
Prosecutors in South Korea allege that Do-Kwon attempted to cash in over 3313 BTC through KuCoin and Okex immediately after the warrant was issued against him. They believe these funds came from LFG reserves that were allegedly previously used to defend a peg of the algorithmic stablecoin USTC (formerly known as IST).
The report also suggests that these BTC were transferred from various sources to a wallet called LUNA Foundation Gaurd (LFG). Therefore, the question now arises, did Do-Kwon misuse the funds secured for the defense of the USTC!
Do-Kwon has been issued an Interpol notice in nearly 125 countries and is said to be in hiding. While the founder dismissed claims of absconding, he also did not reveal his location.
For the first time in four months, the authorities have taken strict action and frozen Do-Kwon's assets. Therefore, more information may come in the coming days, as they are currently refusing to reveal their plan of action.
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