Prosecutors Track Crypto Worth Millions Belonging To Do Kwon And Terra

South Korean prosecutors allege Do Kwon has transferred crypto worth millions through a shell company or dummy company linked to Terra since his arrest by Montenegro authorities in March.

The Montenegro High Court to decide this week on the bail request of Do Kwon and former CFO Han Chang-joon as prosecutors filed an appeal against bail approved by the Montenegro Basic Court. Moreover, Do Kwon’s ties with former Finance Minister and President of Europe Now political party Milojko Spajić have also raised questions.

Terra and Do Kwon Moving Crypto Worth Millions After Arrest

Dan Seong-han, Director at the Seoul Southern District Prosecutors’ Office, on June 8 said Terra co-founder Do Kwon or an affiliate has transferred crypto assets worth $29 million.

“We’re assuming that Do Kwon, or someone under his direction, took out the amount and moved it to another wallet, not to Sygnum, and cashed it out somewhere else.”

Korean prosecutors are also tracking to determine the whereabouts of crypto assets transferred from a crypto wallet related to Luna Foundation Guard (LFG). Moreover, Dan Seong-han said investigations have revealed that Do Kwon and its affiliates still hold over $13 million at Swiss bank Sygnum Bank AG. Prosecutors have indicted 10 people including Terra co-founder Daniel Shin on the basis of Terra investigations and violating laws.

The crypto assets being tracked by South Korean authorities are in addition to 10,000 Bitcoin transferred by Terraform Labs and Do Kwon to a Swiss bank account, which was mentioned in the US SEC complaint in February.

In April, Do Kwon cash out about $100 million in “fiat currency” from the Swiss bank. More than 70% of it was transferred to Kim & Chang law firm for paying legal fees.

CoinGape Media reported in May that Do Kwon withdraw 2.8 billion won ($2.15 million) worth of digital assets and Terraform Labs transferred 1.8 million Convex Finance (CVX) tokens worth nearly $8.7 million.

Also Read: Terra Classic Passes Crucial Proposal To Revive LUNC, USTC Price To $1 After Parity Upgrade

Montenegro’s Passport Forgery Case Against Terra Co-Founder

Montenegro prosecutors appealed again against the court’s decision in the ongoing passport forgery case. Prosecutors believe Do Kwon and Han Chang-joon must remain in custody. The decision on the appeal will be taken by a Montenegro High Court.

Montenegro Prime Minister Dritan Abazović has received a handwritten letter from Do Kwon claiming that he financed Europe Now political party. He has ties with former Finance Minister Milojko Spajić since 2018, who is also the president of Europe Now political party.

Read More: Terra Founder Do Kwon Allegedly Has Political Ties, Says Montenegro Prime Minister

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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