Do Kwon, the founder of Terraform Labs, has pleaded not guilty to possessing falsified identity documents in court in Montenegro. His request for bail was refused and he remains in custody until his next hearing, scheduled for 16 June. In addition, an Ethereum (ETH) address associated with Do Kwon recently transferred $7 million.
Do Kwon hopes for bail
Do Kwon, whose real name is Kwon Do-Hyung, has pleaded not guilty in court in Montenegro where he was recently heard following his arrest on charges of possessing falsified identity documents.
The founder of Terraform Labs was heard alongside his colleague and financial director Han Chang-Joon, who was arrested at the same time on the same charge at the airport in Podgorica, the country’s capital. Their lawyer, Branko Andjelic, offered to have them released on €400,000 bail.
The local prosecutor refused this offer, claiming that the 2 men had considerable financial means and that they had no reason to wait in Montenegro without leaving. As a result, they will have to remain in prison for just over another month pending their next hearing, scheduled for 16 June.
Coincidentally, this hearing took place a year after the implosion of Terra (LUNA). This marked the start of a long bear market, the repercussions of which are still felt today in the ecosystem as a whole. We recently wrote an article on this subject, looking back at the event and providing you with an update on news concerning Do Kwon.
Regarding the ongoing investigation, South Korean authorities have decided to block the equivalent of $175 million worth of assets belonging to Do Kwon, including cryptocurrencies, real estate and fiat currency.
Do Kwon’s crypto wallet on the move?
An Ethereum (ETH) address identified as belonging to Do Kwon, who holds over $22 million at the time of writing in the form of USDC, has recently resumed activity after 2 months without a single transaction.
Transaction history overview of Do Kwon-like address
In total, the person behind these money movements is believed to have transferred more than $7 million in recent days, mainly via the Uniswap (UNI) and Curve (CRV) protocols. However, it seems unlikely that this is Do Kwon, who is currently behind bars.
The link between Do Kwon and this address (among others) was established back in 2020 by Professor Jaewoo Choo. According to him, at that time, the address received exactly the same amount of UST as that sent by an official Terra address via a bridge at the same time.
The movements of funds in the various wallets hypothetically belonging to Do Kwon are probably being closely monitored by the international authorities, as Do Kwon is the subject of an Interpol red notice and is under threat of extradition to the United States and South Korea.
