Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»ALTCOIN NEWS»Bitcoin Moves $62 Million Ahead of Terra’s Dominion, US Case Hearing
ALTCOIN NEWS

Bitcoin Moves $62 Million Ahead of Terra’s Dominion, US Case Hearing

By Crypto FlexsSeptember 4, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Bitcoin Moves  Million Ahead of Terra’s Dominion, US Case Hearing
Share
Facebook Twitter LinkedIn Pinterest Email
  • Transfer 1,075 BTC from the dormant wallet connected to TerraForm Labs to the new wallet.
  • Mr Kwon remains in Montenegro as local courts debate his extradition.
  • Terra’s co-founder may be called to appear at a court hearing in Manhattan later this month.

Do Kwon, the former CEO and co-founder of TerraForm Labs, is accused of transferring $62.8 million worth of Bitcoin (BTC) between two cryptocurrency wallets. According to records from blockchain intelligence firm Arkham Intelligence, 1,075 BTC were transferred from a wallet owned by TerraForm Labs.

Do Kwon’s long-term stay in Montenegro

This is only the third transaction from that address since the devastating failure of Terra (LUNA) in May 2022, when Terra’s algorithmic stablecoin Terra USD (UST) collapsed in just four days.

Just in: $62 million worth of funds moved from a wallet allegedly linked to Terraform Labs and its co-founder Do Kwon. #bitcoin According to Arkham Intelligence, the new address has been moved. This move comes amid ongoing legal disputes surrounding Kwon’s extradition to Montenegro. pic.twitter.com/eivvMjAUTG

— CoinGecko (@coingecko) September 3, 2024

The receiving end of this transaction is a new wallet that received the deposit in the first transaction from TerraForm Labs, but its purpose remains unclear. It is also unclear whether Kwon himself made the transfer, as he is still in Montenegro, awaiting a court decision on extradition proceedings.

Although a Montenegrin appeals court recently ruled that Kwon should be extradited to his home country of South Korea, the United States has a good chance of approving his extradition.

With the ongoing TerraForm Labs bankruptcy case and criminal proceedings against Kwon, Kwon may be required to attend the live hearing in New York on September 19, 2024.

Is the SEC Aware of Kwon’s Huge BTC Transfers?

To understand the implications of the 1,075 Bitcoin transfer, it’s important to take a closer look at the legal troubles TerraForm Labs has encountered in the United States.

#bitcoin The transfers made from Do Kwon’s wallet made it onto major news pages and content creators’ agendas…

🔸Total 1075 #BTC has been transferred. The value of these is $BTC It’s $62.81 million.

🔸The caller says Terrafom Labs. #secretary Do you know this previous one?… pic.twitter.com/6fCtDkwDW3

— Crypto News Portal (@TerraNewsEN) September 4, 2024

In April 2024, a jury found Kwon guilty of defrauding customers, manipulating the market, and artificially inflating the price of stablecoins.

The defense team and the U.S. Securities and Exchange Commission (SEC) subsequently agreed that TerraForm Labs would pay $4.5 billion in fines and civil penalties.

While this transfer may be related to the fine imposed by the SEC, X’s cryptocurrency enthusiasts are also considering the possibility of a compensation transfer. After the SEC and TerraForm Labs made this deal happen, the defendants were forced to cease operations and come up with a plan to repay investors.

On the other side

  • According to data from Arkham Intelligence, publicly trackable TerraForm Labs wallets contain approximately $100 million worth of digital assets.
  • Given that these reserves are all TerraForm Labs has, it will be difficult for it to pay off the SEC fine.

Why this matters

The collapse of Terra Luna in May 2022 wiped out over $60 billion in digital assets, creating a domino effect between crypto companies and hedge funds, damaging the industry’s reputation.

Check out DailyCoin’s popular cryptocurrency stories:
FTX Collapse Continues to Hurdle Crypto Firms Like Galois Capital
BREAKING: Gambarian’s second bail hearing ends in deadlock

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Shib or PEPE: What memes coins are cut to the top 10 first?

July 17, 2025

The PBK Miner uses XRP mining to start a stable and efficient income method to easily earn $ 18,000 a day.

July 10, 2025

The market will select US regulatory stable coins more than CBDCS every day of CBDCS every day.

July 3, 2025
Add A Comment

Comments are closed.

Recent Posts

Ethereum Based Meme Coin PEPETO Raises Above $5.5M In Presale

July 22, 2025

MultiBank Group’s $MBG Token TGE Is Live On MexC, Gate.io, Uniswap And Multibank.io.

July 22, 2025

Ark Invest sells coinbase stocks and invests in BitMine.

July 22, 2025

Altcoin benefits of capital rotation

July 22, 2025

KAITO unveils Capital Launchpad, a Web3 crowdfunding platform that will be released later this week.

July 22, 2025

CARV Advances AI Beings Roadmap With Hackathon And 12+ Ecosystem Partnerships

July 22, 2025

POLYMARKET will re -enter the United States after the acquisition of QCEX $ 112 million.

July 22, 2025

FTT increases by 7% as the backpack starts the platform to help victims clear liquidation.

July 21, 2025

Monarq Asset Management Appoints Sam Gaer As CIO To Lead Directional Strategy

July 21, 2025

Little PEPE surpasses $ 4 million in pre -sales, emerging as one of the main memes in 2025.

July 21, 2025

Bitcoin Price $ 123K Explosion -Trader Brace for Brake Out

July 20, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Ethereum Based Meme Coin PEPETO Raises Above $5.5M In Presale

July 22, 2025

MultiBank Group’s $MBG Token TGE Is Live On MexC, Gate.io, Uniswap And Multibank.io.

July 22, 2025

Ark Invest sells coinbase stocks and invests in BitMine.

July 22, 2025
Most Popular

Solana Pump.fun under fire for dangerous influencer stunt

November 26, 2024

BlockDAG’s Moon Keynote Drives $40.8 Million in Presales Amid Solana’s Soar and Notcoin Rise

June 4, 2024

Arthur Hayes explains three macro risks cryptocurrencies will face in March.

January 5, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.