Do Kwon Withdraws Millions from Terraform Labs – Report

banner-image

🚀 Stay Ahead with AltcoinDaily.co! 🌐

Terraform Co-Founder Do Kwon and Terraform Labs reportedly withdrew millions from the company. The withdrawals are occurring as South Korean prosecutors try to freeze Do Kwon’s and other parties’ assets. Notably, assets and luxury items worth $175 million were frozen by prosecutors.

The massive withdrawals was flagged about a year after the Terra LUNA debacle, which lost $40 billion in investor funds and spurred a cryptocurrency market crackdown. 

Do Kwon Withdraws Digital Assets

According to reports from local media in South Korea, Do Kwon withdrew 2.8 billion won ($2.15 million) worth of digital assets before being granted bail in a Montenegro court.

  🌟 Unlock Crypto Insights with AltcoinDaily.co! 💰

Specifically, Do Kwon withdrew stablecoin valued at $400,000 from an Ethereum wallet while $150,000 worth of Luna coin was withdrawn from the Terra wallet. In addition, $1.6 million worth of stablecoin were withdrawn from an Ethereum wallet believed to be managed by Kwon at a later time.

However, it appears that an assistant aided in the withdrawal on Mr. Kwon’s behalf, who is imprisoned.

Meanwhile, Do Kwon and Daniel Shin were earlier reported to have moved 1.8 million Convex Finance (CVX) tokens worth almost $8.7 million.

 🦂 AltcoinDaily.co is your trusted source for the latest in crypto news and insights. 🚀

Do Kwon Granted Bail

Interestingly, the $2.15 million worth of stablecoins transferred by Kwon happened before a Montenegrin court on May 12 accepted bail of 400,000 euros (about $436,000) each for Do Kwon and former CFO Han Chang-jun. Both will remain under house arrest until the forged passport case and subsequent extradition case are over. 

However, the Montenegro Prosecutor’s Office contested the judge’s decision to accept the bail request of Kwon, claiming that the sum of bail is small compared to the risk of flight when weighed against the defenders’ assets. 

Prosecutors Investigate Do Kwon for Fraud

Following Kwon’s arrest in Montenegro, he was charged with fraud by US authorities in New York. According to court documents filed by U.S. Attorney Damien Williams, he was charged with eight felony counts, including merchandise fraud, securities fraud, wire fraud, and conspiracy to commit fraud and market manipulation. 

 🔍 Your Crypto News Hub: AltcoinDaily.co! 🌐

Sygnum Bank offers a variety of its own crypto-related exchange-traded products..

Bitfarms' lead director Brian Howlett announced that Bitfarms has adopted a..

HSBC clarified that it would continue to accept payments from crypto..

ads-image ads-image