South Korea Reportedly Freezes Do Kwon’s Crypto Worth $40M — Luna Founder Says the Funds Are Not His – Regulation Bitcoin News

South Korean authorities have reportedly frozen $40 million in crypto assets, including bitcoin, believed to belong to founder Luna Do Kwon. However, Kwon denied that any of his funds were frozen. “I don’t even use Kucoin and Okex, no time to trade, no funds frozen,” he emphasized.

Prosecutors Say They Freeze Kwon’s Cryptocurrency, Including Bitcoin

South Korean prosecutors have reportedly frozen nearly $40 million in crypto assets believed to belong to Terraform Labs co-founder, Kwon Do-hyeong (also known as Do Kwon). Quoting Korean Publications News1journalist Colin Wu tweeted Wednesday:

South Korean prosecutors have frozen $39.66 million in 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 the arrest warrant was issued.

The coins were frozen at crypto exchanges Kucoin and Okx, the publication noted, adding that the two trading platforms had agreed to freeze Kwon’s cryptocurrency at the request of the prosecution.

Korean prosecutors disclosure last month that they were looking to freeze the 3,313 bitcoins tied to Kwon that were transferred to Kucoin and Okx from a wallet allegedly linked to the Luna Foundation Guard (LFG). However, the organization denied the allegation, emphasizing that it “did not create any new wallets or transfer.” BTC or other tokens held by LFG as of May 2022.”

Following news of prosecutors freezing $39.66 million in crypto that belonged to him, Kwon took to Twitter to deny that the frozen funds were his. “I don’t get the motivation behind spreading this lie – flexing muscles? But for what? “Luna founder tweeted Third, add:

Again, I don’t even use Kucoin and Okex, no time to trade, no frozen funds. I don’t know whose money they froze, but good for them, hopefully they use it for good.

A Korean court issued a arrest warrant to Kwon on September 14. He was accused of fraud following the collapse of the luna cryptocurrency (now known as luna classic (LUNC)) and stablecoin terrausd (UST). Furthermore, Interpol issued Red Notice for him. “A Red Notice is a requirement for law enforcement worldwide to locate and temporarily arrest a person pending extradition, surrender or similar legal action,” the website states. Interpol detailed, adding that “Red Notices are issued to fugitives who are prosecuted or convicted.”

The whereabouts of the founder of Luna is currently unknown. It is believed that he is in Singapore but the Singapore police force recently said that he is currently not in city-state. Kwon has stated that he does not “on the runtweets recently that he is “not trying to hide.”

Do you think Korean prosecutors have frozen Do Kwon’s cryptocurrency? Let us know in the comments section below.

Kevin Helms

An Austrian Economics student, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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