Former cryptocurrency tycoon, Do Kwon, finds himself at the center of controversy as allegations of financial misconduct surface. Dan Sunghan, the Director of the Financial Crime Investigation Bureau at the Seoul Southern District Prosecution Service, unveiled the magnate’s suspicious movements of an estimated $30 million in digital assets. The funds were purportedly transferred to an unidentified wallet soon after Kwon’s arrest in Montenegro.
Tumultuous Do KwonJourney and the Aftermath of LUNA/USD Crash
At 31, the South Korean entrepreneur has become a target of wide-ranging criticism. He’s been accused of playing a significant role in the catastrophic LUNA/USD crash last year, which resulted in a multi-billion dollar loss for investors. After his implication, Kwon spent several months eluding capture until Montenegro authorities finally apprehended him in March of this year. Given the gravity of the allegations, it’s highly probable he will be extradited to either the USA or South Korea for trial.
Sunghan brings forth further allegations that Kwon, or a confidant within his inner circle, moved the cryptocurrency hoard from a wallet owned by the Luna Foundation Guard (LFG) after his arrest. The assets were later cashed out under unknown circumstances. The investigators are currently attempting to trace the final destination of the diverted funds.
An Increasing List of Controversial Activities
This isn’t Kwon’s first encounter with contentious transfers. The U.S Securities and Exchange Commission (SEC) previously suggested that he cashed out 10,000 bitcoin after the Terra crash. Kwon allegedly executed the transaction through an undisclosed Swiss bank.
In another report, it was claimed that Kwon transferred nearly $7 million to the Kim & Chang law firm before the LUNA/USD crash. Despite the allegations, the law firm has remained tight-lipped. It maintains its professional discretion by stating that their services were legitimate and the fees were rightfully earned.
Flight and Capture: Do Kwon’s International Hide-and-Seek
Not only is Kwon accused of sparking the Terra collapse, but he’s also been criticized for his evasion tactics and non-cooperation with the relevant authorities. He allegedly fled South Korea and traveled to several countries over the past year, including the UAE, Mauritius, Seychelles, Russia, and more.
Towards the end of 2022, reports surfaced that Kwon had emerged in Europe, specifically Serbia. His evasion of capture was so dramatic that it even drew the attention of Interpol, who consequently issued a red notice for him.
Despite his skilled evasion, Kwon’s luck ran out when he was apprehended in the Balkan country of Montenegro in March. The arrest occurred at Podgorica airport, with Kwon possessing a counterfeit passport, suggesting imminent plans to flee to another country.
Please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. CryptoMode is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.