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Kwon & Terraform Labs Withdraw Millions After Terra-LUNA Crisis

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Terra co-founder Do Kwon and Terraform Labs have withdrawn millions of dollars amidst ongoing legal proceedings to freeze assets, following the Terra-LUNA Crisis that occurred a year ago.

According to multiple South Korean media reports, Terra co-founder Do Kwon withdrew digital assets worth 2.8 billion won ($2.15 million) prior to receiving bail approval from a court in Montenegro.

Terra’s Do Kwon Withdraws $2.15 Million Worth of USDT and LUNA

According to a  reported by KBS News on May 18, stablecoins valued at $400,000 and Terra Classic (LUNC) valued at $150,000 were withdrawn from wallets allegedly controlled by Do Kwon, co-founder of Terra.

Do Kwon and former CFO Han Chang-joon were granted bail by a Montenegro court on May 12, with each person required to pay 400,000 Euro ($436,000). However, they will remain under house arrest until the completion of court proceedings related to the passport forgery case and subsequent extradition case. The withdrawals mentioned earlier took place before the court’s decision on bail.

The Montenegrin prosecutor’s office has appealed the court’s decision to grant bail to Do Kwon, expressing concerns about the risk of him fleeing the country. They argue that the bail amount is significantly lower than their assets. Meanwhile, South Korean prosecutors are taking steps to freeze assets belonging to Do Kwon and other individuals involved. Prosecutors have frozen assets and luxury items valued at $175 million. It is reported that an assistant of Do Kwon is responsible for the recent withdrawals.

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Terraform Labs, on the other hand, recently transferred a significant amount of Convex Finance (CVX) tokens to a different wallet. According to Etherscan data, they moved 100 CVX tokens to the wallet address 0x15A5. Additionally, they made another substantial transfer of 1.83 million CVX tokens, valued at $8.7 million, to the same wallet address. As of now, the wallet no longer holds any CVX tokens, but it does contain Convex CRV (cvxCRV) tokens worth $26.5k.

Additionally, it has been revealed that Do Kwon still possesses assets worth millions in a Swiss bank. Both South Korea and the United States are actively pursuing his extradition after he was arrested in Montenegro following several months on the run. Meanwhile, South Korean prosecutors are carrying out an investigation into the Terra-LUNA crisis and making preparations for the trial of co-founder Daniel Shin.

Currently, the price of Terra Classic (LUNC) is $0.000090, which has decreased by 1% in the past 24 hours. On the other hand, Terra (LUNA) is trading 1% higher at $0.94.

This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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