Terraform wallet moves $62M BTC as Do Kwon remains in legal limbo

A wallet reportedly associated with Terraform Labs and its co-founder Do Kwon has moved $62 million worth of Bitcoin to a different address.

According to data from blockchain analytics firm Arkham Intelligence, on Sept. 2, Terraform moved more than 1,075 Bitcoin ( BTC ) — roughly $62 million at the time of publication — from one of its wallets. It’s unclear if Kwon, currently awaiting extradition from Montenegro, was responsible for the transfer.

The Terra ecosystem collapsed in 2022, with authorities from the United States and South Korea filing charges against Kwon and some of his associates for their alleged role 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 remained relatively free to move within the country while the US and South Korean governments compete to extradite the Terraform co-founder. The legal matter has been bouncing between local and high courts for months, and it was unclear at the time of publication what Kwon’s fate would be.

This is a developing story, and further information will be added as it becomes available.