• Do Kwon, a controversial crypto fugitive, was granted $436,400 bail from a Montenegrin court and is now under house arrest.
• The SEC found links between Chicago-based Jump Crypto and Kwon’s fraudulent stablecoin UST.
• Do Kwon withdrew LUNC and USDT worth $2.8 million before posting bail.
Do Kwon Bails Out With $436,400
Do Kwon is out on bail since Friday after paying $436,400 to the Montenegrin court. He is currently under house arrest but still in sight of the U.S. Securities and Exchange Commission (SEC). The SEC claims that Jump Crypto helped prop up the fallen UST project without any public disclosure whatsoever and made over $1 billion in profits through their dealings with TFL and Do Kwon.
$500,000 Worth of Tether Cashed Out Before Ruling
South Korea’s Economist reported that Do Kwon cashed out $500,000 worth of Tether seven days before the favorable ruling in his case. Furthermore, he took another $2.3 million worth of original Terra Luna Classic (LUNC) while raising funds for his bail as well as unstaked $20 million worth of LUNC from multiple network validators to use on Binance for yet another stunt.
South Korean Task Force Failed To Freeze Funds
A South Korean special task force failed to freeze all of Do Kwon’s funds despite their best efforts which could have been due to his forged Costa Rican passport used to enter Montenegro in order to evade extradition back home where he will face trial soon enough anyways.
Jump Crypto at The Center Of Controversy
The legal documents from the case against TerraForm Labs and CEO suggest a secret partnership between Chicago-based speed trading agency Jump Crypto and Terra’s UST stablecoin project which has so far led into controversy with no end in sight anytime soon for either party involved especially since Jump has so far made over $1 billion in profits through its dealings with TFL and Do Kwon without any public disclosure whatsoever regarding these shady practices as well as propping up the UST peg without anyone being aware until recently when more details were unveiled by the SEC on its investigation into this matter indicating wrong doings on both sides involved here with one being an infamous crypto fugitive who seems intent on further evading justice than actually accepting it like any other sane individual would in such a situation leading us onto our next point…
Do Kwons True Intentions Revealed?
The recent actions taken by Do Kwon involving cashing out large sums of money before posting bail along with withdrawing assets from various network validators has led many people to question what exactly are his true intentions here? Is he really trying to flee justice or is this just part of some greater plan involving cryptocurrencies that only he knows about? It remains unclear at this point but one thing we do know for sure is that this story is far from over and we can expect more twists down the line as things progress further into this ongoing saga involving one of crypto’s most notorious figures thus far today!