Former Terra CEO Do Kwon has been claimed to have transferred nearly $30 million in digital currency to an unknown wallet after being arrested in Montenegro. He has been strongly criticized and blamed for the collapse of Terra in the past, causing billions of dollars in damage to investors. He allegedly went into hiding for several months before being arrested by Montenegrin authorities in March of this year. There is now the possibility that he will be extradited to the US or South Korea to face justice.
According to a statement by Dan Sunghan, Director of the Financial Crimes Investigation Department at the Seoul Southern District Prosecutors’ Office, Do Kwon or someone involved transferred the cryptocurrency from the Luna Foundation Guard (LFG) wallet following the arrest. and then withdraw cash. Prosecutors said judges are trying to determine where the money was transferred.
Earlier reports have connected Do Kwon’s name with other puzzling money transfers. The SEC reported that he withdrew 10,000 BTC shortly after Terra’s collapse and used an unidentified Swiss bank to make the transaction. A recent report also said he transferred 9 billion won to a law firm before Terra collapsed. However, the law firm’s lawyers declined to provide details on the matter, saying only that they had provided legal advice as prescribed and received legal service fees.