South Korea Launches Investigation to Find $29 Million Worth of Cryptocurrencies Allegedly Controlled by Fugitive Do Kwon of Tera Algorithm Stablecoin Project Under House Arrest

South Korean Authorities Investigate Missing $29 Million in Cryptocurrencies


South Korean authorities are investigating their whereabouts of About $29 million worth of The cryptocurrencies were allegedly transferred from a crypto wallet controlled by Do Kwon’s Luna Foundation Guard (LFG). Kwon currently under house arrest Trial awaits in the black Mountain.

South Korea prosecutors Investigations have begun to reveal their whereabouts of millions of dollar worth of digital Currencies that may still be under control of Fugitive Do Kwon, Founder of collapsed tera algorithm stablecoin project.

The Investigation

According to a Bloomberg report, Dan Sangan, director of the financial crime investigation bureau At the South Seoul Prosecutors’ Department, he has made He. She clear that the authorities are working to find out Exactly where 29 million dollars worth of assets he moved out of Luna Foundation Guard (LFG) wallet is in residence.

Kwon’s Arrest and Bail

Kwon, who was arrested by Montenegrin law enforcement while trying to flee the country with Fake travel documents last March, he was recently released on bail and is awaiting trial pending trial house arrest.

Withdrawal of Funds

Shortly after being released on bail, Kwon reportedly withdrew ₹2.8 billion won ($2.15 million) worth of stablecoins and terra classic (LUNC) from a portfolio under his control.

The Sygnum Bank Contract

In April, South Korea prosecutors It was revealed that Do Kwon had a contract millions of dollar in Switzerland’s crypto-friendly Sygnum bank. Sources confirmed that Do Kwon and his companions are still being held over $13 million in Sygnum, and prosecutors They explained that the money tracked was not deposited in the lender.


South Korean authorities are continuing their investigation into the missing $29 million worth of cryptocurrencies allegedly transferred from a wallet controlled by Do Kwon’s Luna Foundation Guard. Kwon is currently under house arrest awaiting trial, and prosecutors are also looking into his contract with Sygnum bank and his withdrawal of funds from his portfolio.

Kayne Davenport
Kayne Davenport has been a journalist for over 15 years, making him an expert in his field. His educational background includes a Bachelor of Journalism from UT Austin and a Master of Science in Investigative Journalism from Northwestern. Kayne's career spans multiple media outlets. He has been writing for WS News Publishers for the past year, covering finance, politics, and education stories.

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