Founder of Terraform Labs, Do Kwon, has withdrawn millions of dollars in crypto from an entity linked to his failed blockchain firm, investigators claim. South Korean authorities are now trying to locate the digital assets that have been allegedly transferred since his arrest in Montenegro in March.
Prosecutors Try to Trace Tokens for Millions of Dollars Tied to Terrausd and Kwon
Crypto entrepreneur Do Kwon has reportedly funneled tens of millions of dollars’ worth of cryptocurrency out of an entity linked to the blockchain project he founded and managed before its collapse last year, according to a South Korean prosecutor working on the case.
Dan Sunghan, director of the financial crime investigation bureau at the Seoul Southern District Prosecutor’s Office, told Bloomberg that the digital coins valued at $29 million were likely moved by Kwon personally, or at his request, after he was detained this spring.
Kwon, who vanished after the crash of Terraform’s stablecoin terrausd an
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