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<p class="is-style-lead">South Korean authorities are investigating the whereabouts of about $29 million worth of cryptocurrencies allegedly moved from a crypto wallet controlled by Do Kwon’s Luna Foundation Guard (LFG). Kwon is currently under house arrest and is awaiting trial in Montenegro.</p>



<p>South Korean prosecutors have launched investigations to uncover the whereabouts of millions of dollars worth of digital currencies that may still be under the control of <a href="https://crypto.news/sec-charges-terraform-and-do-kwon-with-fraud-allegations/">fugitive</a> Do Kwon, the founder of the collapsed Terra algorithmic stablecoin project.</p>



<p>According to a Bloomberg report, Dan Sunghan, director of the financial crime investigation bureau at Seoul’s Southern District Prosecution Service, has made it clear that authorities are working to find out exactly where the $29 million worth of assets moved out of Luna Foundation Guard’s (LFG) wallet is residing.</p>




    <p>
        You might also like:

        <a href="https://crypto.news/terra-co-founder-do-kwon-granted-bail-following-montenegro-ruling/">
            Terra co-founder Do Kwon granted bail following Montenegro ruling        </a>
    </p>




<p>Kwon, <a href="https://crypto.news/terraform-labs-do-kwon-allegedly-arrested-in-montenegro/">arrested</a> by Montenegrin law enforcement agents while trying to flee the country with forged travel documents last March, was recently granted bail and is awaiting trial under house arrest.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="Most Wanted Cryptocurrency Fugitive Arrested (Do Kwon)" width="1020" height="574" src="https://www.youtube.com/embed/KenvV00I6sE?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>Shortly after being granted bail, Kwon <a href="https://crypto.news/do-kwon-allegedly-withdraws-2-15m-in-stablecoins/">reportedly</a> withdrew 2.8 billion won ($2.15 million) worth of stablecoins and terra classic (LUNC) from a wallet under his control.</p>




    <p>
        You might also like:

        <a href="https://crypto.news/what-happened-to-terra-luna-journey-from-crypto-kings-to-fallen-stars/">
            What happened to Terra Luna: one year after collapse        </a>
    </p>




<p>In April, South Korean prosecutors <a href="https://crypto.news/prosecutors-claim-do-kwon-has-millions-in-swiss-account/">revealed</a> that Do Kwon held millions of dollars in Switzerland’s crypto-friendly Sygnum bank. While sources have confirmed that Do Kwon and his associates still hold over $13 million at Sygnum, the prosecutors have clarified that the traced funds were not deposited at the lender.</p>




    <p>
        Read more:

        <a href=" https://crypto.news/do-kwon-to-face-multiple-jail-terms-in-south-korea-and-us/">
            Do Kwon to face multiple jail terms in South Korea and US        </a>
    </p>

South Korea traces more funds allegedly moved by Do Kwon

crypto.news

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