Terra News: Do Kwon Transfers $250k Worth of USDC to a Mysterious Wallet Despite Being Wanted for Arrest

Terra LUNC Community Approves New Measure to Reduce Tax Burn

A few days after a South Korean court issued an arrest order for Do Kwon, The founder of Terra (LUNA) despite being on the run, just transferred $250k in USDC to an unknown wallet.

Do Kwon, the creator and former CEO of Terraform Labs, has lately run afoul of the law. The 31-year-old software developer faced criticism after the Terra fiasco in May for how he handled the circumstance. Nevertheless, until recently, there was never a formal warrant for his arrest.

Now, according to new reports, the Terra leader is covertly shifting his money, which supporters say is necessary for him to finance his “life on the run.” Jaewoo Choo, a proponent of blockchain technology and assistant professor at Hansung University, emphasized the development.

On Tuesday, Choo tweeted:  “Do Kwon just moved 250k USDC to a mysterious account.” providing the transaction information.

Do Kwon is Not as Poor as He Made Everyone Believed

Kwon’s address, 0xda44200196cfb3416bf011eed608f354804337ba, sent a staggering $250k worth of USDC to an unidentified wallet on Tuesday by 7:47 AM, according to statistics from etherscan (UTC).

At the time of publication, the wallet’s balance in USDC and ETH after the transfer was over $31 million. In the crypto community, the transaction has stirred comments, with famed Terra informant FatMan being the most outspoken. Commenting on the situation, FatMan stated:

“Life on the run must be demanding. Are his main accounts being monitored?”

He went on to emphasize that the wallet still contains a balance of almost $30M, letting the community know that Do Kwon is not as penniless as he had led everyone to believe.

“To be clear, this is just one wallet and a personal wallet at that. The vast majority of cashouts happened through TFL-denoted accounts, not shadow wallets, so this amount is likely a drop in the bucket,” FatMan added.

Is Do Kwon Truly on the Run?

In an interview with the Wall Street Journal in late June, Do Kwon mentioned that he lost almost all of his money in the Terra fiasco. In his first interview after the Terra collapse, Kwon made reference to his large wager and subsequent loss on the Terra project prior to the WSJ interview.

Kwon might have more to his name than he is letting the public believe, according to his wallet balance and FatMan’s most recent allegations. The latest financial emergency has further strengthened the notion that he might be evading arrest.

Kwon’s claims of cooperating with them were refuted, as was previously reported, by South Korean authorities. Authorities claim that the Terra CEO, who the Singapore police confirmed had left the nation, is presently evading arrest.

These comments came after Kwon stated he would be willing to work with the appropriate authorities. Prosecutors in South Korea have been searching for Do Kwon since the arrest order was issued on September 14. Prosecutors have asked Interpol to issue Kwon a red notice alert as part of their efforts to find him.

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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