JAKARTA - The founder of the crypto company that collapsed Terraform Labs, Do Kwon, has returned to the public spotlight after the latest report revealed that there were major transactions involving his crypto assets. Since the collapse of the Terra ecosystem, Do Kwon has continued to be dragged into various complicated legal cases, including allegations of fraud and market manipulation.
Until now, Kwon's extradition process is still ongoing, with South Korean and US authorities scrambling to bring him to justice.
Recent blockchain data shows that as many as 1,075 Bitcoins, valued at around 63.9 million US dollars (Rp1,022 trillion), have been transferred from Kwon's wallet to an unidentified account. This is the third time in recent months that large funds have been moved from the wallet. This incident has again sparked speculation about Kwon's involvement in suspicious activities amid the legal process he has faced.
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Since November 2022, the crypto analysis platform Digital Asset has been monitoring Kwon's wallet activities. They suspect that Kwon's movement of funds was carried out by Kwon himself, although there has been no official confirmation from the relevant authorities. This latest transaction occurred four months ago, showing a sustainable pattern in the midst of increasingly complicated legal situations.
Do Kwon's extradition process continues to be debated, with the two countries, South Korea and the United States, having a strong interest in judging Kwon. The collapse of the Terra ecosystem is thought to have caused billions of dollars in losses, most of which are investor-owned funds. This situation further worsened Kwon's position, which now has to face pressure from various parties.
This latest development adds to the uncertainty of Do Kwon's fate. This case is also a reflection of the importance of stricter regulation in the crypto world, where large transactions can occur quickly and without a clear trace, bringing great risks to investors and market stability.
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