Do Kwon, the founder of Terraform Labs, pleaded not guilty to possession of forged identity documents in court in Montenegro. His request for release on bail was refused and he remains detained until his next hearing scheduled for June 16. Separately, an Ethereum (ETH) address associated with Do Kwon recently transferred $7 million.
Do Kwon hopes for bail
Do Kwon, whose real name is Kwon Do-Hyung, has pleaded not guilty in court in Montenegro where he was recently heard following his arrest for possession of falsified identity documents.
The founder of Terraform Labs has been heard alongside his friend and financial director Han Chang-Joon, arrested at the same time as him for the same reason at the airport of Podgorica, the country’s capital. Their lawyer, Branko Andjelic, has proposed to have them released on bail of 400,000 euros.
The local prosecutor refused this offer, claiming that the 2 men had considerable financial means and that they had no reason to wait in Montenegro without leaving. Thus, they will have to remain imprisoned for a little over an additional month pending their next hearing scheduled for June 16.
Coincidentally, the hearing we are talking about took place a year after the implosion of Terra (LUNA). The latter marked the beginning of a long bear market, the effects of which are still present today in the ecosystem as a whole. To come back to this event and offer you a review of the news concerning Do Kwon, we recently wrote an article on this subject.
Regarding the ongoing investigation, the South Korean authorities have decided to freeze $175 million worth of assets belonging to Do Kwonincluding cryptocurrencies, real estate or fiat currency.
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Do Kwon’s crypto wallet on the move?
An Ethereum (ETH) address identified as belonging to Do Kwonwhich holds more than 22 million dollars at the time of writing these lines in the form of USDC, recently resumed activity after 2 months without a single transaction.
Overview of the transaction history of the address equated to Do Kwon
In total, the person behind these movements of funds would thus have transferred over $7 million in recent days, mainly through the Uniswap (UNI) and Curve (CRV) protocols. However, it seems unlikely that it is Do Kwon, the latter being currently behind bars.
The link between Do Kwon and this address (among others) had been established as early as 2020 by Professor Jaewoo Choo. According to him, at that time, the address would have received exactly the same amount of UST as sent by an official Terra address via a bridge at the same time.
The movements of funds from the various wallets hypothetically belonging to Do Kwon are also probably closely monitored by the international authorities, Do Kwon subject to an Interpol Red Notice and facing extradition to the United States and South Korea.
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Sources: Bloomberg, DefiLlama
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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