South Korea Reportedly

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

South Korean authorities have reportedly frozen $40 million in crypto assets, including Bitcoin, allegedly owned by Luna founder Do Kwon. However, Kwon denied that the funds had been frozen. “I am not using his Kucoin and Okex, I have no time to trade, the funds are not frozen,” he claimed.

Prosecutors Say They’ve Frozen Do Kwon’s Crypto, Including Bitcoin

South Korean prosecutors have reportedly frozen $40 million worth of crypto assets allegedly owned by Terraform Labs co-founder Kwon Do-hyeong, aka Do Kwon. Quoting South Korean publication News1, journalist Colin Woo tweeted on 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.

Cryptocurrencies have been frozen on cryptocurrency exchanges Kucoin and Okux, the magazine noted, adding that the two trading platforms agreed to freeze Kwon’s cryptocurrency at the request of the prosecution.

South Korean prosecutors are looking to freeze his 3,313 he Kwon pegged bitcoin last month from a wallet allegedly linked to the Luna Foundation Guard (LFG) that was transferred to Kucoin and Okx announced. However, the organization denied the allegations, claiming that it “has not created any new wallets or moved his BTC or other tokens held by LFG since May 2022.”

Following the news that the prosecution had frozen $39.66 million of his cryptocurrency belonging to him, Kwon took to his Twitter account to deny that the frozen funds belonged to him. “I don’t understand the motivation for spreading this falsehood – flex a muscle? But for what purpose?” Luna’s founder tweeted on 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 September 14. He was accused of fraud after the collapse of cryptocurrency Luna (now Luna Classic (LUNC)) and stablecoin Terrausd (UST). In addition, Interpol issued him a red notice. “A Red Notice is a call on law enforcement agencies around the world to identify and provisionally arrest individuals awaiting extradition, extradition, or similar legal action.”

The whereabouts of Luna’s founder is currently unknown. He was believed to be in Singapore, but Singapore police recently said he is no longer in the city-state. No,” he tweeted.

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