Do Kwon Drained $29 Million Of Terra’s Assets Since Arrest

Key Points:

• The Korean prosecutor’s office revealed that Do Kwon had withdrawn $29 million in assets linked to Terra since his arrest.
• Founder Terra and his accomplices still keep $13 million in Sygnum AG Bank in Switzerland.
• The South Korean authorities are trying to find the tokens withdrawn from the Kwon’s Luna Foundation Guard (LFG) crypto wallet.

South Korean investigators claim that Terraform Labs founder Do Kwon withdrew millions of dollars in cryptocurrency from an entity linked to his failed blockchain company.

Dan Sunghan, director of the Financial Crimes Investigation Bureau of the Southern District Prosecutors’ Office in Seoul, revealed to reporters that after Do Kwon was arrested on March 23 when he tried to leave out of Montenegro with fake documents, he could personally or answer his arrest About $29 million in crypto was ordered to be moved.

In earlier news, Dan Sunghan claimed that Do Kwon and his colleagues still keep $13 million in Sygnum AG Bank in Switzerland. It is known that Sygnum Bank is a Swiss bank specializing in cryptocurrencies.

He is currently on trial in the tiny Balkan state. Dan said South Korean authorities are currently trying to locate the tokens obtained from a crypto wallet belonging to Kwon’s Luna Foundation Guard (LFG), an entity he created to maintain a fixed rate of TerraUSD to the US dollar.

Ever since the Terraform ecosystem collapsed and Kwon disappeared, the fate of the cryptocurrency has remained a subject of speculation. In addition to the funds mentioned above, Kwon allegedly siphoned off another 10,000 BTC or possibly more, according to a statement by the US securities regulator in February.

The Terraform Labs founder has been charged with crypto fraud in the United States and South Korea, with two countries seeking his extradition from Montenegro, where he pleaded not guilty to using forged travel documents and sought bail.

After being rejected once, a court in Montenegro suddenly overturned the order, allowing founder Do Kwon and his accomplices Han Chang-joon to be released on bail. Previously, the amount of bail agreed to be $436,000.

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