The Terra-LUNA ecosystem, which collapsed in May of 2022, caused great losses to investors.
After this collapse, Terraform co-founder Do Kwon escaped for a long time but was captured in Montenegro in March 2023.
Do Kwon, who appeared before a judge in Montenegro recently, was released on bail of 400,000 Euros ($436,000).
Prosecutors objected to this decision, and Do Kwon began withdrawing cryptocurrencies pending a final decision from a higher court on bail.
$400,000 worth of Stablecoins and $150,000 worth of Terra Classic (LUNC) have been withdrawn from wallets reportedly managed by Terra CEO Do Kwon, South Korea's local media outlet KBS News reported.
Additionally, $1.6 million worth of stablecoins were withdrawn from an Ethereum (ETH) wallet managed by Do Kwon.
Do Kwon has withdrawn a total of 2.86 billion won ($2.15 million) worth of cryptocurrencies prior to the bail decision.
Terraform Labs, co-founded by Do Kwon and Daniel Shin, also recently transferred 1.8 million Convex Finance (CVX) tokens worth about $8.7 million to another wallet.
Starting the day with a decrease, LUNC continues to trade at $0.00009132 at the time of writing with a decrease of about 2%.
*Not investment advice.
