South Korean Authorities Hold Do Kwon’s Crypto Worth $40 mn, Luna Founder Denies.
South Korean prosecutors have frozen $40 million in crypto assets belonging to Do Kwon, the co-founder of Terraform Labs. But Kwon has denied that any of his funds have been held. He said he doesn’t even use Kucoin and Okex and has no time to trade.
However, a Korean journalist tweeted that South Korean prosecutors have frozen $39.66 million of crypto assets, including BTC, owned by Do Kwon through two exchanges. Last month, South Korean prosecutors said 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). But LFG denied the allegation. It said it hasn’t created any new wallets or moved Bitcoin or other tokens held by LFG since May 2022.
An arrest warrant was issued for Kwon on September 14. The Seoul District Prosecutors’ Joint Financial Securities Crime Investigation Team, headed by Seong Dan, froze the assets on September 27. Moreover, Interpol had issued a “red notice” for Kwon but he hasn’t still been found.