Dan Sunghan – Director of the Financial Crimes Investigation Bureau at the Seoul Southern District Prosecutors' Service – claimed that former crypto mogul Do Kwon had moved nearly $30 million in digital currency to an unknown wallet shortly after his arrest in Montenegro.

The 31-year-old South Korean has faced huge criticism and was blamed for having a hand in last year's massive LUNA/USD collapse that triggered investors' multi-billion losses. He allegedly spent several months on the run before being detained by Montenegrin authorities in March this year. He will likely be extradited to the US or South Korea and tried there. Kwon's Suspicious Crypto Transactions

According to Sunghan, Terraform Labs Co-Founder – Do Kwon, or someone from his inner circle transferred crypto deposits from a wallet belonging to Luna Foundation Guard (LFG) after the arrest and then cashed them out. Prosecutors said the judges were trying to detect where the transferred funds ended up:

“We assume that Do Kwon, or someone under his direction, took the amount and moved it to another wallet, not to Sygnum, and cashed it elsewhere.”

This is not the first time Kwon's name has been linked to a confusing transfer. The US Securities and Exchange Commission (SEC) suggested earlier this year that he cashed out 10,000 bitcoins shortly after Terra's crash. Regulators claimed he used an unnamed Swiss bank to carry out the transactions.

Another recent report indicated that the developer sent 9 billion won (nearly $7 million) to law firm Kim & Chang before the LUNA/USD crash. Despite this, attorneys for the company declined to provide additional details on the matter, saying:

“We cannot provide specifics about individual cases. We have performed our legal advisory services as usual and have lawfully received fees for those services.” Kwon's Unknown Future

Blamed by many agencies, watchdogs, and fallen investors as the main culprit behind Terra's collapse, Kwon did not help his case as he failed to cooperate with the relative authorities to resolve the issue. Instead, he fled his homeland and allegedly swapped several destinations in the past year, including the UAE, Mauritius, Seychelles, Russia, and more.

Some sources report that in late 2022 it appeared in Europe, especially Serbia. The manhunt was so intense that it even caught the attention of Interpol, which issued a red notice for him.

Despite his successful maneuvering by law enforcement agencies, Kwon was ultimately detained in the Balkan nation of Montenegro in March. His arrest took place at the airport in the capital Podgorica as he was carrying a fake passport, indicating that he was moving to another country.

The South Korean spent some time in a local correctional facility before applying to be released on $440K bail. The request was initially rejected by the high court in Montenegro but later approved by the Basic Court of Podgorica.

However, the problem seems far from over. The United States and South Korea both insist on extraditing Kwon. If he is found guilty in America, he could spend more than 100 years in prison, while the maximum sentence in his homeland could be 40 years.