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<p class="is-style-lead">After being granted bail by a court in Montenegro, Terra co-founder Do Kwon reportedly removed digital assets worth around 2.8 billion won ($2.15 million), according to several reports from South Korean media agencies.</p>



<p>KBS News reported on May 18 that Do Kwon reportedly take $400,000 worth of <a href="https://crypto.news/learn/what-are-stablecoins-and-how-do-they-work/">stablecoins</a> and $150,000 worth of Terra Classic (LUNC) tokens from wallets thought to be under his control.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="ko" dir="ltr">[단독] 권도형 ‘보석’에 현지 검찰 항소하자…또 거액 가상자산 인출  <a href="https://twitter.com/hashtag/KBS?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#KBS</a> <a href="https://twitter.com/hashtag/KBS%EB%89%B4%EC%8A%A4?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#KBS뉴스</a><a href="https://t.co/j6B68DNP7q" target="_blank">https://t.co/j6B68DNP7q</a></p>&mdash; KBS 뉴스 (@KBSnews) <a href="https://twitter.com/KBSnews/status/1659028795503046656?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 18, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Do Kwon and the ex-CFO Han Chang-joon were released on bond by a Montenegrin court on May 12, but they remain under house arrest while the passport forgery case and the following extradition process play out in court. It&#8217;s worth noting that the cash withdrawals occurred before the bail hearing.</p>



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<p>The prosecutor&#8217;s office in Montenegro has challenged the court&#8217;s decision to allow Do Kwon bail, citing fears that he may abscond. They say the bail sum is much less than their assets are worth.&nbsp;</p>



<p>Prosecutors in South Korea seek to freeze Do Kwon&#8217;s and the other defendants&#8217; assets as his trial <a href="https://crypto.news/south-korea-sets-trial-date-for-terraform-labs-co-founder-over-terra-luna-collapse/">approaches</a>. So far, $175,000,000 worth of assets and high-end goods have been frozen. One of Do Kwon&#8217;s subordinates allegedly orchestrated the latest cash withdrawals.</p>



<p>Meanwhile, Terra&#8217;s creator, Terraform Labs, completed significant token transfers. </p>



<p>They sent 100 Convex Finance (CVX) tokens to an unknown wallet account and a large sum of $8.7 million CVX tokens to the same address. Convex CRV (cvxCRV) tokens, valued at $26,500 as of Etherscan, remain in the wallet even if it no longer includes CVX tokens.</p>



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<iframe loading="lazy" title="Where will Terraform Labs founder Do Kwon end up?" width="1020" height="574" src="https://www.youtube.com/embed/5WMhvtctOrQ?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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<p>In addition, it was discovered that Do Kwon still had millions of dollars in a Swiss bank account. After months on the run, he was apprehended in Montenegro and is now being sought by both South Korea and the United States for extradition. </p>



<p>At the same time, prosecutors in South Korea are looking into the Terra-LUNA situation and preparing for the prosecution of co-founder Daniel Shin.</p>



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Do Kwon allegedly withdraws $2.15m in stablecoins

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