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A wallet associated with Terraform Labs, co-founded by Do Kwon, has recently transferred over $62 million worth of Bitcoin, equivalent to more than 1,075 {Bitcoin} (BTC). The transfer occurred on September 2, according to data from blockchain analytics firm Arkham Intelligence. It remains uncertain whether Do Kwon, who is currently awaiting extradition from Montenegro, was involved in this transaction.
The Terra ecosystem, which collapsed in 2022, has left Kwon and his associates facing serious legal challenges. Authorities in the United States and South Korea have filed charges against them for their alleged roles in the platform's downfall. In 2023, Kwon was arrested in Montenegro on unrelated charges and sentenced to four months in prison.
Since his release, Kwon has been navigating legal complexities as both the U.S. and South Korean governments seek his extradition. His case has been shifting between local and high courts, with no clear resolution yet. In April 2023, Kwon and Terraform Labs were found liable for defrauding investors in a civil case brought by the U.S. Securities and Exchange Commission (SEC). As part of a settlement, Terraform agreed to pay approximately $4.5 billion in disgorgement, civil penalties, and prejudgment interest.
Additionally, Terraform Labs filed for bankruptcy in the U.S. in January, with ongoing proceedings and a scheduled hearing on September 19 to discuss potential reorganization plans. Kwon, who faces personal liability in the U.S. criminal case, is also entangled in this bankruptcy case and faces fraud charges in South Korea.
In a separate development, decentralized finance (DeFi) protocols Aave and Sky (formerly Maker) are exploring a partnership to bridge DeFi and traditional finance. Announced on September 2, the collaboration, termed the Sky Aave Force,
