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South Korea Reportedly Freezes Do Kwon’s Crypto

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Do Kwon's Crypto
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  • His crypto wallet is worth nearly $40M
  • Luna Founder Says the Funds Are Not His
  • BTC Price at the time of writing – $20,252.14

Do Kwon, the alleged founder of Luna, is said to have had $40 million in cryptocurrency assets, including bitcoin, frozen by South Korean authorities.Kwon, on the other hand, denied that any of his funds had been frozen.

According to reports, South Korean prosecutors have frozen $39.66 million of Do Kwon’s crypto assets, including Bitcoin, through two exchanges. 

Prosecutors Say They Have Frozen Do Kwon’s Crypto

These crypto assets are alleged to belong to Terraform Labs co-founder Kwon Do-hyeong.After receiving an arrest warrant, Do Kwon and LFG had previously denied attempting to transfer their 3,313 BTC.

According to the publication, the coins were frozen at cryptocurrency exchanges Kucoin and Okx. Additionally, the two trading platforms agreed to freeze Kwon’s cryptocurrency at the prosecution’s request.

Last month, South Korean prosecutors made it clear that they wanted to freeze 3,313 Kwon-related bitcoins that were transferred to Kucoin and Okx from a wallet that was said to be associated with Luna Foundation Guard (LFG).

The organization, on the other hand, refuted the claim, insisting that it hasn’t created any new wallets or moved BTC or other tokens held by LFG since May 2022.

Kwon took to Twitter to deny that the frozen funds are his after hearing that the prosecutors had frozen $39.66 million in cryptocurrency that belonged to him.

ALSO READ: Crypto exchange Bitkub targeted by Thai SEC

The CEO’s whereabouts are currently unknown

On September 14, a warrant for Kwon’s arrest was issued by a court in South Korea.Following the demise of the stablecoin UST and the cryptocurrency luna (now known as luna classic (LUNC)), he is facing accusations of fraud.

In addition, Interpol has issued a Red Notice in his favor. Red Notices are issued for fugitives wanted either for prosecution or to serve a sentence, the Interpol website explains. 

A Red Notice is a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action.

The current location of the Luna founder is unknown. He was thought to be in Singapore, but the Singapore police recently said that he is not in the city-state at the moment.Kwon has tweeted recently that he is “making zero effort to hide” and has maintained that he is not “on the run.”

Steve Anderrson
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