CDS Crypto News Founder of Terra Accused of Withdrawing Millions in Cryptocurrency, $13 Million Still Held in Swiss Bank
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Founder of Terra Accused of Withdrawing Millions in Cryptocurrency, $13 Million Still Held in Swiss Bank

The South Korean prosecutor's office has disclosed that Do Kwon, the founder of Terraform Labs, withdrew $29 million in assets tied to Terra following his arrest. However, it has been revealed that Kwon and his accomplices still hold $13 million in Sygnum AG Bank in Switzerland. South Korean authorities are currently attempting to locate the tokens that were withdrawn from Kwon's Luna Foundation Guard (LFG) crypto wallet.

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Founder of Terra Accused of Withdrawing Millions in Cryptocurrency, $13 Million Still Held in Swiss Bank

Founder of Terra Accused of Withdrawing Millions in Cryptocurrency, $13 Million Still Held in Swiss Bank

The South Korean prosecutor’s office has disclosed that Do Kwon, the founder of Terraform Labs, withdrew $29 million in assets tied to Terra following his arrest. However, it has been revealed that Kwon and his accomplices still hold $13 million in Sygnum AG Bank in Switzerland. South Korean authorities are currently attempting to locate the tokens that were withdrawn from Kwon’s Luna Foundation Guard (LFG) crypto wallet.

Do Kwon was apprehended on March 23 while attempting to leave Montenegro with forged documents. It is alleged that he personally or at his direction ordered the transfer of approximately $29 million in cryptocurrency. It has also come to light that Kwon and his associates still possess $13 million in Sygnum AG Bank, which is known for specializing in cryptocurrencies.

Founder of Terra Accused of Withdrawing Millions in Cryptocurrency, $13 Million Still Held in Swiss Bank

Kwon is currently undergoing legal proceedings in Montenegro, and South Korean authorities are working to locate the tokens obtained from his Luna Foundation Guard (LFG) crypto wallet. This entity was established by Kwon to maintain a fixed rate of TerraUSD to the US dollar.

Since the collapse of the Terraform ecosystem and Kwon’s disappearance, the fate of the cryptocurrency has been the subject of speculation. In addition to the mentioned funds, it is alleged that Kwon diverted around 10,000 BTC or possibly more, as stated by the US securities regulator in February.

Founder of Terra Accused of Withdrawing Millions in Cryptocurrency, $13 Million Still Held in Swiss Bank

Do Kwon is facing charges of crypto fraud in both the United States and South Korea, with both countries seeking his extradition from Montenegro. He has pleaded not guilty to using forged travel documents and has sought bail. Initially denied bail, a court in Montenegro later overturned the decision, allowing Kwon and his accomplice Han Chang-joon to be released on bail. The agreed amount for bail was $436,000.

Founder of Terra Accused of Withdrawing Millions in Cryptocurrency, $13 Million Still Held in Swiss Bank
Sources:Coincu

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