Do Kwon, who moved 5292 BTC worth more than $ 160 million from Luna Foundation wallets to other anonymous wallets on Monday, was also reported to have made some stablecoin transfers.

Later on the same day, USDC transfers worth $ 18 million were also revealed.

“It is now impossible to freeze”

Cho Jae-woo, head of the Blockchain Data Lab at Seoul University, spoke to Forkast, one of the country’s media outlets, and stated that he has been tracking Kwon’s Ether wallet since the Terra LUNA collapse:

“I’ve been following Kwon’s Ethereum wallet since last year. There was 18.7 million USDC in there. The funds were suddenly active and suddenly moved to another wallet. These tokens were sent to decentralized finance protocols to provide liquidity and generate staking revenue. It’s impossible to freeze USDCs after that. It’s too late… Circle, the company that issued USDC, has that power, but not when it comes to coins like ETH, WBTC. They have no such functionality.”

“He gets outside help”

Cho Jae-woo continued:

“Kwon appears to have had help from outside the prison. He may have given his keywords to someone else while he was out on bail. Or he may have given them to them beforehand.”