Disgraced Terra (LUNA) founder Do Kwon allegedly moved tens of millions of dollars worth of crypto from a Luna Foundation Guard wallet after his arrest in March.
South Korean prosecutors, seeking to track down the missing hoard of digital assets, say it’s likely that Kwon either personally moved $29 million in crypto or had someone else do it for him, according to a new report from Bloomberg.
Kwon was first arrested in Montenegro in March after attempting to board a flight to the United Arab Emirates (UAE) with a Costa Rican passport, which authorities say was forged. Kwon pleaded not guilty in May in a court in Montenegro on charges of forging travel documents.
Authorities in the United States and South Korea both want to extradite the disgraced crypto executive, who faces multiple charges following the $40 billion crash of the Terra ecosystem stablecoin TerraUSD (UST) and the crypto asset Terra.
kwon claimed on Twitter in February that he had “stolen no money and never had ‘secret payouts’.”
Dan Sunghan, director of the financial crimes investigation bureau at the Seoul South District Prosecutor’s Office, tells Bloomberg that Kwon could be behind bars for more than four decades.
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