Do Kwon Wallet Drains over $2 Million One Year After LUNA Collapse

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Do Kwon Wallet Drains over $2 Million
  • Crypto worth $2.1 million was mysteriously withdrawn from Terraform CEO’s wallet.
  • The withdrawals occurred following the prosecutor’s appeal against Do Kwon’s bail.
  • Kwon is currently detained in a Montenegro facility, attempting to get bail.

In a stunning turn of events, it has been confirmed that virtual assets worth 2.8 billion won, worth over $2.1 million, were withdrawn from an electronic wallet allegedly managed by Terraform Labs CEO Do Kwon.

According to a local media house in Korea, these significant withdrawals occurred over two days following the appeal by the Montenegrin prosecutor’s office against the court’s decision to grant Kwon’s bail application.

The report noted that the first withdrawal occurred around 2:00 p.m. local time on Tuesday, with approximately $400,000 worth of stablecoins withdrawn from an Ethereum wallet associated with Kwon.

On the same day, an additional $150,000 worth of Terra Classic (LUNC) coins were withdrawn from a Terra wallet. Adding to the escalating situation, a staggering $1.6 million worth of stablecoins were cashed out from another Ethereum wallet supposedly managed by Kwon later at night.

The virtual assets withdrawn over the two days amounted to approximately $2.15 million or 2.86 billion won.

While Kwon is detained in a Montenegro facility, he requested bail from the court on May 11. He proposed a trial without detention by offering to pay €400,000 ($436,000) per person. This included former CFO Han Chang-Joon, who was also apprehended.

The local court granted Kwon’s bail request. However, the local prosecution appealed, asserting that the bail amount was inadequate considering Kwon’s alleged financial resources. By implication, both individuals will remain under house arrest until the court hearings regarding the passport forgery case. Subsequently, proceedings related to the extradition case will take place.

Coin Edition recently reported that prosecutors discovered approximately 9 billion won was transferred to a prominent law firm just before the crash of Terra Luna. Prosecutors have seized assets and luxury items worth $175 million.

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