South Korea Reportedly Freezes Do Kwon’s Crypto Worth $40M – According to reports, South Korean prosecutors have frozen about $40 million in cryptocurrencies allegedly belonging to Terraform Labs co-founder Kwon Do-hyeong (also known as Do Kwon). Using the Korean newspaper News1 as a source, journalist Colin Wu 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.”
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The publication claimed that the currencies were frozen at cryptocurrency exchanges Kucoin and Okx, and that the two trading platforms agreed to freeze Kwon’s crypto at the prosecution’s request. Last month, South Korean prosecutors disclosed their intention to freeze 3,313 bitcoins related to Kwon and transferred to Kucoin and Okx from a wallet reportedly associated with Luna Foundation Guard (LFG).
South Korea Reportedly Freezes Do Kwon’s Crypto Worth $40M – However, the organization denied the claim, stating that it hasn’t created any new wallets or moved BTC or other tokens held by LFG since May 2022. Following the announcement that prosecutors have frozen $39.66 million worth of his cryptocurrency, Kwon rushed to Twitter to deny that the funds are his. “I don’t get the motivation behind spreading this falsehood – muscle flexing? But to what end?” the 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.”
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