Explore the unraveling story of Terra’s founder, Do Kwon, as he allegedly concealed over $300 million in Bitcoin, evading authorities and baffling investigators.
According to South Korea’s KBS, Do Kwon, the infamous founder behind the failed Terra project, and his co-conspirators reportedly converted and withdrew approximately $314 million into Bitcoin (BTC) prior to his arrest. Kwon is believed to have around $70 million in his possession, according to the Korean prosecutor’s office, though the exact figure remains uncertain.
Law enforcement officials are having difficulty regaining control of the cryptocurrency, as the Do Kwon cleverly converted the stolen funds into Bitcoin across multiple exchanges before being apprehended. It is unclear which specific trading platforms were used.
Korean authorities have reportedly requested that Binance, among other exchanges, freeze all transactions linked to Kwon, and a representative for the exchange has confirmed the request.
Do Kwon was captured at Montenegro’s Podgorica airport while attempting to travel to Dubai, carrying forged documents. Montenegro’s Interior Minister, Filip Adzic, disclosed details of the arrest.
Shortly after his detainment, the New York prosecutor’s office filed charges against Terraform Labs founder Do Kwon, accusing him of fraud. The indictment charges Kwon with eight offenses, including conspiracy to commit fraud, securities and asset fraud, financial fraud, and conspiracy to manipulate the market. Prosecutors seek to confiscate Kwon’s personal assets and property acquired through fraudulent activities. Additionally, the US Justice Department intends to request the extradition of Terraform Labs’ founder to face justice on American soil.