Terraform Labs’ Co-founder and CEO Do Kwon Cashes Out $2.8 Million Before Montenegro Bail Release

Terraform Labs Co-founder and CEO, Do Kwon, reportedly liquidated $2.8 million worth of cryptocurrency before being released on bail in Montenegro on Friday.

Kwon and fellow executive, Han Chong-joon, were arrested in March this year, charged with possession of fake travel documents and attempting to travel with counterfeit papers. The executives were later granted bail and released for a sum of around $436,000.

Sources claim that $500,000 worth of Tether (USDT) was withdrawn from a wallet believed to be Kwon’s some seven days ago. Additionally, 2.39 million Terra Luna Classic (LUNC) coins were withdrawn from a Kwon-linked wallet.

South Korean prosecutors consider all of Kwon’s funds to be the proceeds of crime, but they have failed to freeze all of the CEO’s crypto funds. Some of Kwon’s coins are held in anonymous wallets, and courts cannot prove they belong to the CEO.

Prosecutors in Seoul are hopeful of convincing Montenegrin officials to deport Kwon to his native country to face fraud charges. Courts in the United States and Singapore also want Kwon to face trial, as he and other Terraform executives have been accused of selling unregistered securities.