Terra Classic

One year after the Terra-LUNA Crisis, the co-founder of <a href="https://www.terra.money/" rel="noopener noreferrer nofollow">Terra</a>, Do Kwon, and Terraform Labs withdrew millions of dollars as prosecutors moved to freeze their assets. According to claims from many South Korean media agencies, Terra co-founder Do Kwon allegedly removed 2.8 billion won ($2.15 million) worth of digital assets prior to his bail being allowed by a court in Montenegro.Earlier, CoinGape Media stated that Terraform Labs, which was co-founded by Do Kwon and Daniel Shin, has transferred 1.8 million Convex Finance (CVX) tokens with a total value of around $8.7 million.According to a report published by KBS News on May 18, stablecoins with a value of $400,000 and Terra Classic (LUNC) with a value of $150,000 were removed from wallets that supposedly belonged to Terra co-founder Do Kwon.<h2 id="header-0">Do Kwon’s legal situation</h2>On May 12, a court in Montenegro approved bail amounts of 400,000 euros ($436,000) per person for Do Kwon and the former CFO Han Chang-joon. The withdrawals occurred before the court made its decision. Both of them will continue to be subject to house arrest until the court hearings regarding the passport forgery case, which will be followed by the proceedings regarding the extradition case.The office of the prosecutor in Montenegro has filed an appeal against the decision of the court to allow Do Kwon’s plea for release, noting the possibility of flight and the fact that the bond sum is very low in comparison to their assets.The withdrawals are happening at the same time as South Korean prosecutors are taking steps to freeze the assets of Do Kwon and other persons who are connected to him. Prosecutors have placed a hold on assets and high-end products with a combined value of $175 million. According to reports, these withdrawals were made by an assistant of Do Kwon’s.During this time, Terraform Labs transferred millions of Convex Finance (CVX) tokens to a new wallet. According to the data from Etherscan, Terraform Labs has successfully sent one hundred CVX tokens to the wallet address 0x15A5. After that, a significant amount, totaling 1.83 million CVX and valued $8.7 million, was sent to the wallet address 0x15A5. The wallet does not have any CVX tokens at this time but does include Convex CRV (cvxCRV) tokens with a value of $26.5k.In addition to this, Do Kwon has assets worth millions of dollars stashed away in a Swiss bank. After being on the run for a number of months, the co-founder of Terra was apprehended in Montenegro and is now being held there. South Korea and the United States are vigorously pursuing his extradition. During this time, South Korean prosecutors are continuing their inquiry into the Terra-LUNA disaster while simultaneously preparing for the trial of the company’s co-founder, Daniel Shin.

Do Kwon and Terraform Labs Withdraw Millions, Months after the Terra Collapse

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