South Korea traces more funds allegedly moved by Do Kwon
South Korean authorities are investigating the whereabouts of about $29 million worth of cryptocurrencies allegedly moved from a crypto wallet controlled by Do Kwon’s Luna Foundation Guard (LFG). Kwon is currently under house arrest and is awaiting trial in Montenegro.
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.
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.