South Korean cryptocurrency entrepreneur, co-founder of Terraform Labs (Terra Luna), Do Kwon (L), is brought to court in Podgorica on May 11, 2023, following his arrest on March 24 at the international airport of the the capital of Montenegro. Montenegro has charged Do Kwon with forgery for trying to travel with fake documents at Podgorica airport. South Korean prosecutors have indicted the co-founder of Terraform Labs on multiple charges including fraud over his company’s dramatic explosion last year, which wiped out about $40 billion of investors’ money and shook crypto markets. The United States and South Korea have sought his extradition. and South Korea is expected to appear in court for extradition proceedings. Kwon, through his company Terraform Labs, is accused of orchestrating a multibillion-dollar fraud that rocked global crypto markets last year. (Photo by SAVO PRELEVIC / AFP)/2023-05-11 23:58:47/
Kwon, who caused the collapse of the Terra ecosystem last year, was suspected of hiding 10,000 bitcoins, but how many assets does he own? When faced with the question asked by the judge, Do Kwon always talked about it from left to right, and was not willing to answer directly.
According to the Korean media “KBS”, Do Kwon, the founder of Terra, refused to reveal the exact amount of his assets to the judge when he appeared in court in Montenegro (Montenegro).
Do Kwon, who was arrested in March this year for passing through customs with a fake passport, is currently facing forgery charges in Montenegro and is being held in a local prison He pleaded guilty and was asked to be released on bail from 400,000 euros (about 430,000 US dollars), but then the judge asked him how he planned to pay the bail.
Do Kwon initially responded that his wife was expected to pay the amount and that he owned an apartment in South Korea, but when pressed by the judge, he refused to reveal details of his assets in front of the media.
So the judge said, “Without further disclosure of assets, no decision can be made on bail.” Do Kwon said the unit he and his wife jointly owned was worth about $3 million.
At this time, the judge has not made a ruling on bail yet, and the next court date is scheduled for June 16.
However, even though Do Kwon is now in prison, according to Professor Jaewoo Cho, a Seoul scholar, the cryptocurrency wallet belonging to Do Kwon has suddenly changed in recent days, and a transaction of more than 7 million US dollars held, which is also in the case of Do Kwon Kwon moved the money for the first time since he was arrested in March.
Since the local police stated that they confiscated Do Kwon’s cell phone and laptop, Jaewoo Cho believes that a more reasonable explanation is that Do Kwon gave the private key to others for safekeeping before being arrested .
