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Do Kwon Has Moved $29 Million Since Arrest, Says Prosecutor

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  • Do Kwon has moved almost $30 million from the Luna Foundation Guard, according to a South Korean prosecutor
  • Dan Sunghan claims that Kwon has been able to have the tokens moved since his arrest in Montenegro in March of last year
  • Kwon is currently facing charges of using false identity papers in Montenegro

Terraform Labs CEO Do Kwon has allegedly transferred almost $30 million worth of cryptocurrencies out of the Luna Foundation Guard (LFG), according to a South Korean prosecutor involved in the case. Dan Sunghan, the director of the financial crime investigation bureau at the Seoul Southern District Prosecutor’s Office, told Bloomberg that approximately $29 million worth of coins were likely moved by Kwon himself or upon his request following his arrest earlier this year, and South Korean authorities are trying to find them.

Kwon Has Been Moving LFG Funds

Kwon was arrested in Montenegro in March for trying to leave the country using a false passport and will face trial over the charges, having been on the run since the collapse of the Luna ecosystem the year before. The destiny of the assets belonging to the LFG has been a matter of speculation ever since Luna’s collapse, with many suspecting that Kwon has ultimate control over them.

The LFG was established by Kwon to assist in maintaining the peg of Terra USD to the US dollar. This, of course, failed miserably, and where those funds are now is a source of prime importance to authorities closing in on Kwon. Sunghan disclosed that South Korean authorities are currently in the process of locating the tokens, which thanks to the blockchain will be traceable.

SEC Says Kwon Moved Bitcoin Too

In addition to these funds, Kwon has also been accused by the Securities and Exchange Commission (SEC) of diverting over 10,000 bitcoin in February, while it is also believed that Kwon and his associates possess a minimum of $13 million at Sygnum Bank, a Swiss crypto-focused financial institution.

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