Arrested Crypto Criminal Do Kwon, Shockingly Moves $29 Million! How?

South Korean authorities are searching for $29 million in digital assetsallegedly transferred by Terra Luna founder Do Kwon following his arrest in Montenegro. Kwon is suspected of moving substantial cryptocurrency funds linked to his failed blockchain enterprise, Terra Luna, prior to its collapse.

As per Dan Sunghan, director of the Financial Crimes Investigation Bureau at the Seoul Southern District Prosecutor’s Office, Kwon likely transferred these digital assets after his arrest in March. The funds were reportedly withdrawn from Kwon's Luna Foundation Guard (LFG), an entity designed to maintain the TerraUSD’s dollar peg.

Kwon, arrested for using a fake passport, disappeared after Terra Luna's downfall in May 2022. The whereabouts of the cryptocurrencies have since been uncertain. Alongside the mentioned funds, Kwon is suspected of diverting an additional 10,000 BTC or more.

Dan also believes Kwon and his associates have at least $13 million with Sygnum Bank, a Swiss crypto-focused bank. He suggests that Kwon, or someone acting on his behalf, transferred the money from Sygnum to another wallet before cashing out elsewhere.

Kwon is facing crypto fraud allegations in both the United States and South Korea, with both countries seeking his extradition. He could face a trial involving a substantial $40 billion and potentially spend the majority of his life in prison.

After being arrested in Montenegro’s capital, Kwon has been detained there for several months. There were brief hopes for his release on bail, set at $430,500, but a higher court overruled this decision. Speculations indicate that Kwon may have hidden $100 million in a Swiss bank account, echoing Sam Bankman-Fried, the embattled FTX co-founder.