Terra Do Kwon and Terraform Labs co-founders withdrew millions of dollars before prosecutors froze assets.
Terra Do Kwon co-founder reportedly withdrew 2.8 billion won ($2.15 million) worth of digital assets before bail was approved by a Montenegro court, according to several reports. Korean media.
Prior to that, Terraform Labs, co-founded by Do Kwon and Daniel Shin, transferred 1.8 million Convex Finance (CVX) tokens worth nearly $8.7 million.
$400,000 worth of stablecoins and $150,000 worth of Terra Classic (LUNC) have been withdrawn from wallets managed by co-founder Terra Do Kwon, KBS News reported on May 18 .
The withdrawal comes before a Montenegro court accepts a €400,000 ($436,000) bail for Do Kwon and former CFO Han Chang-joon on May 12. Both will remain under house arrest until May 12. until the court proceedings are completed.
Assets and luxury items worth $175 million have been frozen by South Korean prosecutors.
Moreover, Do Kwon has assets worth millions of dollars in a Swiss bank . South Korea and the United States are actively seeking the extradition of Do Kwon when he was arrested in Montenegro after several months on the run.
Meanwhile, South Korean prosecutors continue their investigation into the Terra-LUNA crisis, while preparing for the trial of co-founder Daniel Shin .