Nearly a year has passed since the collapse of the Terra (LUNA) empire of Do Kwon, once one of the big names in the cryptocurrency world.
Kwon appeared before justice for the first time in a Montenegrin court today.
But despite Kwon being behind bars, a crypto wallet linked to Kwon has processed more than $7 million in bulk in the past few days for the first time since his arrest on March 23, according to Seoul-based Professor Jaewoo Cho.
If the wallet really belongs to Kwon, it is unclear who handled the transactions as Kwon is currently in custody pending a court date.
Kwon is accused of using a fake passport while trying to board a private jet to Dubai in Montenegro. According to local media reports, Kwon appeared in court earlier today, pleading guilty to the charges and seeking his release on €400,000 bail.
"If Do Kwon had a chance to connect to the internet or secretly give his private keys to someone else, it would make sense," Cho said.
Using decentralized exchanges Uniswap and Curve Finance, the wallet has converted over $6.5 million into stablecoin USDC in the past few days.
500,000 USDC was sent to a one-day brokerage wallet on Sunday, which in turn transferred 450,100 USDC to a wallet created in September 2021.
The main wallet, which currently holds more than 22 million USDC stablecoins, was created in March 2022. This wallet received a total of 33,214 USDC in two transfers from Binance.
Kwon's last act before took place on February 28. Kwon was arrested on March 23 at Podgorica Airport along with his friend and former Terra Labs CFO Han Chang-joon.
*Not investment advice.