KuCoin Collaborates With South Korea To Freeze Bitcoin In Do Kwon Fiasco, CEO Says – Bitcoin (BTC/USD), Ethereum (ETH/USD)
Amidst reports that it besieged the founder of the Terra blockchain Do Kwon moved 3,313 Bitcoin BTC/USD to two cryptocurrency exchanges outside South Korea soon after an arrest warrant was issued for him, KuCoin CEO Johnny Liu on Monday, the crypto exchange said it was working to cooperate with the government and regulators “as things continue.”
According to reports, the transferred Bitcoin was worth over $69 million.
Also read: Terra Crisis: Family Bonds Shattered, Dreams Ripped Apart
The crypto market in a crisis that is far worse than before
In an exclusive interview with Benzinga, Lyu also said that the ongoing crisis in the crypto market was “much worse” than in the past, and that it will take a major event or rational economic policy to help the ailing markets.
“As a crypto exchange, we are open to cooperate with any prosecutors or regulators around the world, but for a specific incident, we would like you to clarify with South Korean officials or regulators. It is also not our position to clarify this issue because as a crypto exchange, we are not in a position to figure out the whole matter, and we are only working to cooperate with the government and regulators as things continue, Lyu said.
Asked to comment on whether regulations will help increase the prices of major crypto tokens, the CEO of the Seychelles-based company said that the current crisis is going to end differently than the previous ones because in the past new projects emerged in times of crisis that would bring the whole industry back to life.
Only a major event can stabilize the market
“But this time we are seeing many different challenges and crises that are much worse. As we are witnessing the war between Russia and Ukraine and having market crashes in the traditional financial and crypto markets. We are also seeing a major shuffling of regulatory guidelines around the world , especially when it comes to the crypto industry, he said.
Overall, crypto winter is bound to end sometime, but Lyu says he’s not sure when. “It may take a big event or rational economic policy to bring us back to life and stabilize the economy, but we still have to wait and see. We believe that for this particular crypto winter, the external factors may be more important than internal factors happening on the inside. industry,” he added.
ETH Merge will help drive the Bitcoin price
Asked to clarify his position on the future of Ethereum ETH/USD after The Merge, Lyu said that the protocol’s transition to a Proof of Stake mechanism, instead of helping it, will instead help increase the price of Bitcoin in the end.
“Both have been based on the PoW model and their work ensured fair, open and decentralized trading of all cryptos. As for why ETH exists in the first place, it’s because miners supporting ETH all this time mattered the most,” he said.
He further added that The Merge will harm their interests and they will feel betrayed.
Also Read: EXCLUSIVE: Mark Cuban on Buying Crypto, Its Regulation, Ethereum Merger and Why You Shouldn’t Buy Metaverse Real Estate
