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Friday, November 8, 2024

Do Kwon Allegedly Transferred Crypto From Prison After Police Delays

Do Kwon, the founder of the controversial Terra cryptocurrency, has reportedly managed to transfer cryptocurrency from a Montenegro prison, raising serious questions about the effectiveness of law enforcement in seizing his digital assets. After being arrested on March 23, 2023, authorities took 72 days to confiscate his electronic devices and crypto wallet login details, during which time Kwon allegedly made several transactions.

Key Takeaways

  • Do Kwon was arrested in March 2023 but his devices were not seized until June.
  • Allegations suggest he made at least three crypto transactions while in custody.
  • The delay in confiscation raises concerns about police procedures.

Arrest and Delays in Seizure

Do Kwon was apprehended in Montenegro following an international arrest warrant issued in September 2022. His arrest came after he fled to Serbia, where he was reportedly under media scrutiny for hiding from authorities. The investigation into his activities was complicated by the time it took for police to secure his electronic devices, which included laptops and mobile phones.

An official from Montenegro’s Special Police Department confirmed that these devices, along with crypto wallet login details, were only confiscated after a request from higher authorities. This delay has led to speculation about the effectiveness of the police operation and whether it was adequately prepared to handle Kwon’s case from the outset.

Alleged Crypto Transactions

Reports indicate that Kwon was able to execute at least three transactions from his crypto wallet while incarcerated. These transactions were allegedly made through an account linked to a local mobile telephony firm in Podgorica. However, the authenticity of these transactions remains unverified, as the investigating agency has not confirmed them.

The Circumstances of His Arrest

Kwon’s arrest may have been part of a larger, planned operation. After leaving Serbia, he was reportedly escorted to Montenegro with the assistance of state security. This has led to questions about whether authorities were tipped off about his movements and the use of forged passports.

Ongoing Legal Proceedings

As of now, Kwon’s extradition to either South Korea or the United States is still pending. Montenegro’s justice minister has yet to make a decision on where Kwon will be sent to face charges related to his role in the collapse of the Terra cryptocurrency, which resulted in significant financial losses for investors.

Conclusion

The situation surrounding Do Kwon raises critical questions about the intersection of law enforcement and cryptocurrency regulation. As authorities continue to investigate, the implications of Kwon’s alleged actions while in custody could have far-reaching effects on how digital assets are monitored and controlled in the future.

Sources

Emre Emehet
Emre Emehet
Emre Emehet is a 45-year-old journalist from the Balkans, best known for his dedication to telling stories that reflect the everyday lives of people in his region. Growing up in a small town in northern Bosnia, Emre always had an interest in local history and storytelling, which drew him to pursue a degree in journalism and communications at the University of Sarajevo. He wasn’t the top of his class, but his professors admired his practical approach and natural curiosity, qualities that would later define his career.
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