Disgraced Terra (LUNA) founder Do Kwon reportedly relocated tens of millions of dollars worth of crypto away from a Luna Foundation Guard wallet after his arrest in March.
South Korean prosecutors, who are trying to track down the missing trove of digital assets, say it’s likely Kwon either personally moved $29 million in crypto or had someone else do it for him, according to a new report from Bloomberg.
Kwon was first arrested in Montenegro in March after attempting to board a flight to the United Arab Emirates (UAE) with a Costa Rican passport, which authorities say was allegedly forged. Kwon pleaded not guilty in May in a Montenegro court to charges of forging travel documents.
Authorities in the United States and South Korea both want to extradite the disgraced crypto executive, who’s facing multiple charges arising from the $40 billion crash of the Terra ecosystem stablecoin TerraUSD (UST) and the crypto asset Terra.
Kwon claimed on Twitter in February that he’d “stolen no money and never had ‘secret cashouts.'” He also said he was “happy to address any specific allegations” – though it remains unclear if he’s ever addressed the allegations in any public forum.
Dan Sunghan, director of the financial crime investigation bureau at the Seoul Southern District Prosecution Service, tells Bloomberg that Kwon could serve more than four decades behind bars.
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