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Terra Founder Do Kwon Allegedly Moved $29 Million Worth of Crypto Out of LFG Wallet After Arrest

As a report as it, Do Kwon, the founder of Terra (LUNA), moved tens of millions of dollars worth of digital assets away from Luna Foundation Guard’s (LFG) wallet after his arrest in March this year.

According to a report from Bloomberg, South Korean prosecutors, who have been working to trace the missing crypto assets, said Kwon possibly moved $29 million worth of crypto by himself or someone did it on his behalf.

Read Also: Terra Classic (LUNC) Price Prediction as SEC Sues Terra Founder Do Kwon for Multiple Frauds

The report reads in part:

“We’re assuming that Do Kwon, or someone under his direction, took out the amount and moved it to another wallet, not to Sygnum, and cashed it out somewhere else. We are tracking it.”

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 allegedly forged. Kwon pleaded not guilty in May in a Montenegro court to charges of forging travel documents.

Authorities in both the United States and South Korea want to extradite the Terra founder, who is facing multiple charges arising from the $40 billion crash of the Terra ecosystem stablecoin TerraUSD (UST) and the crypto asset Terra (LUNA) now renamed Terra Classic (LUNC).

Read Also: Do Kwon Is Set To Integrate Terra Classic (LUNC) and Cosmos Chain Projects into Terra Station: Details

Kwon claimed on Twitter in February that he’d “stolen no money and never had ‘secret cashouts.’” He also said he was “happy to address any specific allegations” – though it remains unclear if he’s ever addressed the allegations in any public forum.


Dan Sunghan, director of the financial crime investigation bureau at the Seoul Southern District Prosecution Service, informed Bloomberg that Kwon could serve more than 40 years in prison if found guilty of the charges.

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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

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