Dan Sunghan – Director of the Financial Crime Investigation Bureau at the Seoul Southern District Prosecution Service – claimed that the former crypto mogul Do Kwon had moved nearly $30 million in digital currencies to an unknown wallet shortly after his arrest in Montenegro.

The 31-year-old South Korean has faced huge criticism and was blamed for having a hand in the massive LUNA/USD collapse last year that triggered multi-billion investor losses. He allegedly spent several months on the run before being detained by the authorities of Montenegro in March this year. Chances are high that he will be extradited to the USA or South Korea and face justice there.

Kwon’s Suspicious Crypto Dealings

According to Sunghan, Terraform Labs’ Co-Founder – Do Kwon, or someone from his inner cycle transferred the crypto stash from a wallet belonging to the Luna Foundation Guard (LFG) after the arrest and later cashed it out. The prosecutor said the magistrates are trying to detect where the moved funds ended up:

“We’re assuming that Do Kwon, or someone under his direction, took out the amount and moved it to another wallet, not to Sygnum, and cashed it out somewhere else.”

This is not the first time Kwon’s name has been connected with perplexing transfers. The US Securities and Exchange Commission (SEC) suggested earlier this year that he cashed out 10,000 bitcoin shortly after the Terra crash. The regulator claimed he used an unnamed Swiss bank to conduct the transaction. 

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