South Korean authorities have reportedly frozen $40 million in crypto assets, including bitcoin, allegedly belonging to Luna founder Do Kwon. However, Kwon denied that any funds of his have been frozen. “I don’t even use Kucoin and Okex, have no time to trade, no funds have been frozen,” he insisted.
Prosecutors Say They Freeze Doo Kwon’s Cryptocurrencies, Including Bitcoin
South Korean prosecutors have reportedly amassed nearly $40 million in crypto assets belonging to Terraform Labs co-founder Kwon Do-hyeong (also known as Do Kwon). Journalist Colin Wu, citing Korean publication News1, tweeted Wednesday:
South Korean prosecutors have frozen $39.66 million of crypto assets, including BTC, owned by Do Kwon through two exchanges. Do Kwon and LFG previously denied trying to transfer their 3,313 BTC after being issued an arrest warrant.
The publication said coins were frozen on cryptocurrency exchanges Kucoin and OKEx, adding that the two trading platforms have agreed to freeze Kwon’s crypto at the request of prosecutors.
South Korean prosecutors revealed last month that they were seeking to freeze 3,313 bitcoins tied to Kwon that were transferred to Kucoin and Okx from a wallet allegedly linked to Luna Foundation Guard (LFG). However, the organization denied the allegation, insisting that it “hasn’t created any new wallets or moved BTC or other tokens held by LFG since May 2022.”
After news of prosecutors freezing $39.66 million in his cryptocurrency, Kwon denied on Twitter that the frozen funds belonged to him. “I don’t get the motivation behind spreading this lie – flexing the muscles? But to what extent?” Luna Founder tweeted Tuesday, adding:
Once again, I don’t even use Kucoin and Okex, have no time to trade, no funds have been frozen. I don’t know whose funds they’ve frozen, but good for them, hope they use it for good.
A South Korean court issued an arrest warrant for Kwon on 14 September. He has been accused of fraud following the collapse of the cryptocurrency Luna (now called Luna Classic (LUNC)) and the stablecoin Terasad (UST). Apart from this, Interpol has also issued a red notice for him. “A Red Notice is a request from law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action,” the description on Interpol’s website said. Sentence.”
The Luna founder’s whereabouts are currently unknown. He was believed to be in Singapore but the Singapore police force recently said that he is currently not in the city-state. Kwon has maintained that he is not “on the run,” tweeting recently that he is “making zero effort to hide.”
