Terra CEO Do Kwon Denies Reports of Frozen Bitcoin – Bitcoin (BTC/USD)
The besieged TerraForm Labs CEO Kwon Do-hyung, also known as Do Kwondenied reports Wednesday that South Korean prosecutors have frozen Bitcoin BTC/USD assets worth 56.2 billion won ($39.6 million) from the Terra Luna Foundation.
South Korea’s News1 reported that on September 27, the Joint Financial Securities Crime Investigation Team of the Seoul Southern District Prosecutor’s Office froze 56.2 billion won. This is in addition to the previously frozen 38.8 billion won of the 95 billion won in assets Kwon had allegedly tried to hide.
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Denies Kwon reports
In response, Kwon said he had no time to act and no funds have been frozen.
“I don’t understand the motivation behind spreading this falsehood – muscle flaking? But to what end?” Kwon said. “Again, I don’t even use Kucoin and OkEx, don’t have time to trade, no funds have been frozen. I don’t know whose funds they have frozen, but good for them, hope they use it for good.”
His mention of the cryptocurrency exchanges OKX and KuCoin was related to reports from last month that exchanges had cooperated with law enforcement to freeze 3,313 Bitcoins, worth about $66 million.
These claims have also been refuted by Kwon and the Luna Foundation Guard, a non-profit organization established to support the Terra ecosystem.
Kwon claimed a week ago on Twitter that he had not stolen any money from his business and that neither TerraForm Labs nor Luna Foundation Guard had frozen any money.
Interpol issues notice for Do Kwon
Interpol had already issued a red notice for his arrest.
According to South Korean prosecutors, the alert required police to cooperate with each other to find and apprehend Kwon.
Kwon, meanwhile, had denied that he was on the run and denied his identity through his Twitter account for at least a month.
Kwon said his firm and himself were cooperating with authorities and had nothing to hide.
South Korean authorities are gunning for the arrest of Do Kwon
On September 15, a South Korean court issued an arrest warrant for the Terra founder, accusing him of violating capital market regulations.
In connection with the collapse of Terraform Labs’ algorithmic stablecoin in May, TerraUSDwhich destroyed $40 billion, the warrant also targeted five other Singaporeans.
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Photo: breakermaximus via Shutterstock
