• Do Kwon, Terra co-founder, allegedly withdrew digital assets worth around 2.8 billion won ($2.15 million).
• He was granted bail by a court in Montenegro but still faces extradition to South Korea and the US.
• Prosecutors are looking into the Terra-LUNA situation and seeking to freeze Do Kwon’s and other defendants’ assets as his trial approaches.

Do Kwon’s Assets Withdrawal

KBS News reported on May 18 that Do Kwon reportedly take $400,000 worth of stablecoins and $150,000 worth of Terra Classic (LUNC) tokens from wallets thought to be under his control.

Release on Bail

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’s worth noting that the cash withdrawals occurred before the bail hearing.

Challenge from Prosecutor’s Office

The prosecutor’s office in Montenegro has challenged the court’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. Prosecutors in South Korea seek to freeze Do Kwon’s and other defendants’ assets as his trial approaches. So far, $175,000,000 worth of assets have been frozen.

Significant Token Transfers

Terraform Labs completed significant token transfers; 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 with Convex CRV (cvxCRV) tokens remaining in that wallet even if it no longer includes CVX tokens. In addition, it was discovered that Do Kwon still had millions of dollars in a Swiss bank account.

Extradition Process

After months on the run, he was apprehended in Montenegro and is now being sought by both South Korea and United States for extradition at same time prosecutors in South Korea are looking into the Terra-LUNA situation preparing for prosecution of co-founder Daniel Shin