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Dormant Do Kwon-related wallets become active again

In this post:

  • Two dormant wallets connected to Do Kwon have become active again, transferring over 2.3 million LUNA tokens to Binance.
  • A Terraform Labs (TFL) address transferred 1.8 million CVX tokens worth approximately $8.8 million, raising suspicions.
  • Do Kwon’s wallet received 1.4 million MARS tokens, which were then sent to another Mars wallet and an Osmosis Zone wallet, where they were sold for OSMO tokens.

Crypto watchers have noticed the reactivation of two wallets connected to Do Kwon, the entrepreneur and alleged criminal who faced a collapse of his crypto empire in May 2022, resulting in investor losses of around $40 billion.

The two wallets reportedly sent over 2.3 million LUNA tokens to Binance, sparking intrigue within the cryptocurrency community.

Sudden movement of LUNA tokens by Do Kwon

Twitter user @/RayRaspberry shared that two wallets attributed to Do Kwon, terra1wqwfwh797tf77e2xpvy9xx082pwpxxlm9x4xws and terra1e82da9n6jz4t42eh0wn5hrt6hdmf7jyq8sufkp, have become active again.

The former wallet claimed staking and vesting rewards before sending all 1.55 million LUNA tokens to Binance. Meanwhile, the latter wallet also claimed its rewards and vesting and sent 835,423 LUNA tokens to the same platform.

The link between the two wallets is evident, as both withdrawal transactions used the same Binance account 100021975 in the Memo field, and the transfers occurred within minutes of each other.

The terra1e82da9n6jz4t42eh0wn5hrt6hdmf7jyq8sufkp wallet received 3.5 million LUNA in the original Terra Genesis event and 9,126,590.879628 LUNA in the Terra 2 Genesis event.

Suspicious CVX token transfer

Another suspicious activity involves a dormant Terraform Labs (TFL) address, which transferred 1.8 million CVX tokens worth approximately $8.8 million and equivalent to 2% of the total CVX token supply.

The CVX tokens were moved from a wallet funded by Kucoin3 through a series of wallets before reaching the TFL CVX wallet.

Do Kwon’s terra1wq…x4xws wallet, converted to a Mars Protocol chain address, received 1.4 million MARS tokens three months ago. These tokens were sent to another Mars wallet and then to an Osmosis Zone wallet, where they were sold for OSMO tokens.

The same wallet in the Osmosis Zone sent 2,000,000 WHALE tokens and sold 110,000 WHALE tokens in two separate transactions in the past four days.

Right now, there is a lot going on for Do Kwon. The former crypto tycoon faces several criminal charges, including fraud, by three different countries; the United States, South Korea, and Montenegro.

He remains in police custody in Montenegro where he is set for a hearing on May 11. Moreover, South Korea has frozen over $170 million of his assets and is actively seeking to have him extradited.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Ryan Salame
Cryptopolitan
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