Do Kwon Wallet drained over $2 million one year after LUNA collapsed
- Crypto worth $2.1 million has been mysteriously withdrawn from Terraform CEO’s wallet.
- The withdrawal occurred after the public prosecutor appealed to release Do Kwon on bail.
- And Kun is currently being held in a facility in Montenegro, trying to get bail.
In a stunning turn of events, it has been confirmed that 2.8 billion won worth of virtual assets, worth more than $2.1 million, have been withdrawn from an electronic wallet allegedly managed by Terraform Labs CEO Do Kwon.
According to a local media outlet in Korea, these large withdrawals took place over two days after the Montenegrin Prosecutor’s Office appealed against the court’s decision to grant Kwon’s bail application.
The report indicated that the first withdrawal took place at around 2:00 PM local time on Tuesday, with approximately $400,000 in stablecoins withdrawn from a wallet linked to Kwon.
On the same day, an additional $150,000 in Classic Coins (LUNC) was withdrawn from Terra’s wallet. Adding to the escalating situation, another $1.6 million in stablecoins was cashed out from another Ethereum wallet supposedly managed by Kwon later in the night.
Virtual assets withdrawn over the two days amounted to approximately $2.15 million, or 2.86 billion won.
While Kwon was being held in a facility in Montenegro, he requested bail from the court on May 11. He proposed a trial without detention by offering to pay 400,000 euros ($436,000) per person. This included former financial director Han Changjun, who was also arrested.
The local court granted Kwon’s bail request. However, the local prosecution appealed, asserting that the bail amount was insufficient given Kwon’s alleged financial resources. Tacitly, both people will remain under house arrest until the court hearings on the passport forgery case. After that, the procedures related to the extradition case will take place.
Coin Edition recently reported that plaintiffs discovered that nearly 9 billion won had been transferred to a prominent law firm prior to the Terra Luna crash. Prosecutors seized assets and luxuries worth $175 million.
One year after the LUNA crash, the Do Kwon Wallet post consuming more than $2 million appeared for the first time in Coin Edition.