• Do Kwon, co-founder of Terra, gets released on bail by a court in Montenegro.
• He allegedly takes out $2.15 million worth of digital assets from wallets thought to be under his control.
• Prosecutors have frozen $175 million worth of assets and high end goods owned by Do Kwon and other defendants.

Do Kwon Granted Bail

Do Kwon, the co-founder of Terra, was recently granted bail by a court in Montenegro. This came after months on the run as he was sought after by both South Korea and the United States for extradition.

Alleged Withdrawal of Digital Assets

KBS News reported that Do Kwon allegedly withdrew digital assets worth around 2.8 billion won ($2.15 million). This included $400,000 worth of stablecoins and $150,000 worth of Terra Classic (LUNC) tokens from wallets believed to be owned by him.

Frozen Assets

The prosecutor’s office in Montenegro has challenged the court’s decision to allow Do Kwon bail due to fears that he may abscond. In addition, prosecutors in South Korea are seeking to freeze the assets owned by Do Kwon and other defendants which is reportedly valued at around $175 million including high-end goods.

Token Transfers

It was also discovered that Terraform Labs completed significant token transfers such as sending 100 Convex Finance (CVX) tokens and a large sum of CVX tokens to an unknown wallet address while some Convex CRV (cvxCRV) tokens remain in the same wallet account even if it no longer includes CVX tokens. Moreover, millions of dollars were found in a Swiss bank account tied to Do Kwon’s name.

Daniel Shin Under Investigation

Meanwhile, South Korean prosecutors are looking into the Terra-LUNA situation and preparing for the prosecution of Daniel Shin who is another co-founder associated with this crypto project

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