A digital wallet associated with blockchain company Terraform Labs recently moved Bitcoin equivalent to $62 million to a different address. The wallet is under the co-founder of Terraform Labs, Do Kwon.
Arkham Intelligence, a blockchain analytics firm, revealed that over 1,075 Bitcoin was transferred from one Terraform Labs wallet on September 2. Do Kwon, currently detained in Montenegro awaiting extradition, may or may not have initiated the move.
Terraform Labs faced a severe crisis in 2022 when US and South Korean authorities pressed charges against Kwon and a few others associated with him. Their alleged involvement led to Terraform’s downfall. In 2023, Kwon was apprehended in Montenegro on different charges, leading to a four-month jail term.
Post his release from prison, Kwon has been relatively mobile within the country. Meanwhile, the governments of the US and South Korea are locked in a legal fight to extradite him back to their respective countries. The entire legal case has been going through a series of discussions in local and high-regional courts, the outcome of which remains uncertain.