• Terra co-founder Do Kwon is reportedly withdrawing digital assets worth around 2.8 billion won ($2.15 million) after being granted bail by a court in Montenegro.
• The prosecutor’s office in Montenegro has challenged the court’s decision to allow Do Kwon bail, citing fears that he may abscond.
• Terraform Labs has completed significant token transfers including the transfer of 100 Convex Finance (CVX) tokens and $8.7 million CVX tokens to an unknown wallet account.
Do Kwon Allegedly Withdraws $2.15m Worth of Stablecoins
Terra co-founder Do Kwon allegedly removed digital assets worth around 2.8 billion won ($2.15 million), according to several reports from South Korean media agencies on May 18th, 2021 after he was granted bail by a court in Montenegro. It’s thought that around $400,000 worth of stablecoins and $150,000 worth of Terra Classic (LUNC) tokens were taken out from wallets under his control.
Court Challenge and Asset Freezing from Prosecutors
The prosecutor’s office in Montenegro has challenged the court’s decision to allow Do Kwon bail, citing fears that he may abscond while the passport forgery case and extradition process play out in court. So far, assets and high-end goods totalling $175 million have been frozen by prosecutors in South Korea as they prepare for the prosecution of co-founder Daniel Shin related to the Terra-LUNA situation.
Significant Token Transfers
Terraform Labs completed significant token transfers which included sending 100 Convex Finance (CVX) tokens and a large sum of $8.7 million CVX tokens to an unknown wallet account as well as Convex CRV (cvxCRV) tokens remaining at the wallet address even though there are no longer any CVX tokens present at this address, valued at approximately $26,500 according to Etherscan records as of today’s date..
Swiss Bank Account Found
It was also discovered that Do Kwon still had millions of dollars held within a Swiss bank account despite having been on the run for months prior to his apprehension in Montenegro where both South Korea and United States are now seeking his extradition..
Conclusion
Do Kwon and Han Chang-joon were released on bond by a Montenegrin court but remain under house arrest pending further legal proceedings regarding their passport forgery case while Terraform Labs continues with its token transfers across various wallets before trial proceedings begin against Daniel Shin related to the Terra-LUNA situation with assets frozen across both parties totalling nearly two hundred million dollars so far as well as millions more held within Swiss bank accounts belonging to Do Kwon himself