According to reports, Do Kwon, the former crypto mogul, transferred approximately $6.9 million to Kim & Chang, a law firm, before the Terra collapse last spring.
He was detained in Montenegro last month and is facing a trial to determine his involvement in the LUNA/UST fallout.
- South Korean prosecutors confirmed that Kwon had indeed transferred the funds to Kim & Chang just before the infamous crash.
- The law firm declined to provide further details on the matter.
- Multiple agencies, regulators, and prosecutors have accused Kwon of being the main culprit behind the LUNA and UST collapse, which resulted in investor losses and a $60 billion wipeout in May 2022.
- Despite the urgency of the situation, Kwon did not cooperate with the relevant entities and escaped his homeland to avoid a court trial.
- He was finally arrested in March 2023 at the airport of Podgorica, the capital of Montenegro.
- Kwon’s attorneys have vowed to appeal the decision requiring him to remain under custody on local soil for 30 days. The USA and South Korea have both requested his extradition, and it remains unclear where he will face justice.