Shortly after Korean prosecutors issued an arrest warrant for Do Kwon on the 14th, approximately 3,313 BTC from a wallet address owned by TFL were transferred to an overseas cryptocurrency exchange, valued at the time at approximately $67 million.
Alleged money laundering
According to CoinDesk Korea, the South Seoul District Public Prosecutor's Office and the Joint Investigation Unit for Securities Crimes began investigating evidence of Do Kwon's suspected crimes and TFL assets in May, and in conjunction with CryptoQuant, a chained data company, tracked down Foundation Guard's (LFG's) coin-security wallet address among the 100 suspicious wallet addresses (a non-profit reserve foundation set up earlier by Terraform Labs to stabilize the price of UST).
The day after Do Kwon was wanted, the LFG address suddenly transferred 3,313 BTC from Coin's wallet to the wallets of Kucoin and OKX exchanges in batches. However, later on Both Kucoin and OKX have announced that they have frozen the funds and will cooperate with the necessary investigations.
Korean prosecutors are currently investigating Do Kwon and LFG's money transfers, including the possibility that the transferred Bitcoin may have been used for money laundering, concealment, and escape.
Interpol joins the hunt.
Do Kwon, the founder of Terra, is currently wanted by the Korean authorities and although his whereabouts are unknown, he still tweeted in a high profile that he is not intentionally avoiding arrest and that he has been out for a walk and shopping in the malls "for the past few weeks", without revealing which country he is in, even though he is "open and above board".
The Seoul prosecutor said yesterday (26) that Interpol has issued a 'Red Notice' on Do Kwon, asking law enforcement agencies around the world to help find Do Kwon, who is suspected of violating the Capital Markets Act and other crimes, and extradite him to his home country for a judicial trial.
However, Do Kwon responded to a tweeter's post saying, "I'm in the living room writing a program," and was later reminded that "if you're posting on your cell phone, they must know where you are." When Do Kwon saw this, he was even more righteous, saying, "Yeah, like I said, I wasn't hiding, I was walking, I was at the mall, I couldn't have gone unseen for the past couple of weeks."
When asked by another user what he thought of the Red Notice, Do Kwon argued that he didn't see his name on the list, seemingly rejecting the fact that he was wanted.
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