It was discovered that Do Kwon had taken out $2.15 million before being guaranteed
Key Points:
- Do Kwon, a co-founder of Terra, is said to have deleted accounts containing stablecoins worth $400,000 and LUNC worth $150,000.
- Examiners in Montenegro documented an allure against the prior court choice to deliver Kwon and Han Chang-Joon on bail.
According to KBS News, Terra co-founder Do Kwon allegedly took 2.8 billion won ($2.15 million) in digital assets before his bail was allowed by a Montenegrin court on May 18.
Stablecoins esteemed at $400,000 and Land Exemplary (LUNC) esteemed at $150,000 were supposedly eliminated from wallets possessed by Land prime supporter Do Kwon.
On May 12, a Montenegrin court permitted 400,000 Euro ($436,000) per individual bail for Do Kwon and previous CFO Han Chang-joon. Both will be held under house confinement until the court strategies on the identification falsification case are finished up, trailed by the removal interaction.
Because the bond amount is significantly less than their assets, the prosecutor’s office in Montenegro has challenged the court’s decision to accept Do Kwon’s bail application, citing flight risk. While authorities in South Korea attempt to freeze Do Kwon’s and the assets of connected individuals, the withdrawals are taking place. Over $175 million worth of luxury items and assets were frozen by the prosecution. A Do Kwon assistant is said to have been responsible for these withdrawals.
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Do Kwon and Daniel Shin co-founded Terraform Labs, which previously transferred CVX tokens. According to Etherscan data, Terraform Labs deposited 100 CVX tokens to the wallet address 0x15A5. After that, a substantial sum of 1.83 million CVX, or $8.7 million, was sent to the wallet address 0x15A5. Convex CRV (cvxCRV) tokens are currently stored in the wallet rather than CVX tokens.
Kwon and Chang-Joon were detained by Montenegrin authorities in March 2023 at the Podgorica airport for allegedly using fake passports. Their visas were at that point held onto in South Korea. In 2022, Kwon and Terraform Labs’ Terra ecosystem collapsed when its native stablecoin, TerraUSD (UST), depegged, destroying an estimated $40 billion in market value in a matter of days.
Do Kwon still has millions of dollars worth of assets in a Swiss bank, though. South Korea and the US are forcefully seeking after Land’s co-removal pioneer after he was secured in Montenegro in the wake of being on the run for a long time. In the meantime, South Korean authorities are preparing for Daniel Shin’s trial and continuing their investigation into the Terra-LUNA scandal.
