• South Korean authorities are investigating $29 million worth of cryptocurrencies allegedly moved by Do Kwon from a crypto wallet.
• Kwon is currently under house arrest and awaiting trial in Montenegro.
• Authorities have revealed that Do Kwon holds millions of dollars in Switzerland’s Sygnum bank.
Do Kwon Under House Arrest
South Korean prosecutors have launched investigations to uncover the whereabouts of millions of dollars worth of digital currencies that may still be under the control of fugitive Do Kwon, the founder of the collapsed Terra algorithmic stablecoin project. According to a Bloomberg report, Dan Sunghan, director of the financial crime investigation bureau at Seoul’s Southern District Prosecution Service, has made it clear that authorities are working to find out exactly where the $29 million worth of assets moved out of Luna Foundation Guard’s (LFG) wallet is residing.
Kwon, arrested by Montenegrin law enforcement agents while trying to flee the country with forged travel documents last March, was recently granted bail and is awaiting trial under house arrest. Shortly after being granted bail, Kwon reportedly withdrew 2.8 billion won ($2.15 million) worth of stablecoins and terra classic (LUNC) from a wallet under his control.
Millions Of Dollars In Swiss Bank
In April, South Korean prosecutors revealed that Do Kwon held millions of dollars in Switzerland’s crypto-friendly Sygnum bank. While sources have confirmed that Do Kwon and his associates still hold over $13 million at Sygnum, the prosecutors have clarified that the traced funds were not deposited at the lender.
Tracing Funds
South Korea is now tracing more funds allegedly moved by Do Kwon as they investigate where this money went to and who received it; they are also looking into whether or not any other wallets controlled by him have yet to be discovered.
Potential Charges For Do Kwan
If South Korean authorities manage to track down these funds successfully then there will be multiple charges against Do Kwan which could potentially include embezzlement and fraud; he could also face jail time if found guilty in both South Korea and Serbia where he was attempting to flee with forged documents when apprehended last year .
Conclusion
This case highlights just how much power digital currencies can give individuals; with their ability to move large amounts between parties quickly without detection making them attractive for use in criminal activity such as money laundering or fraud schemes like this one attempted by Do Kwan with LFG’s funds. It remains unclear what will happen next as South Korean prosecutors continue their investigations into this case but we will keep you updated here as more information comes out about its progress