South Korea Reportedly Freezes $40 Million worth of Do Kwon’s Crypto – Luna Founder Says Fund Isn’t His

South Korean authorities have reportedly frozen $40 million in crypto assets, including bitcoin, believed to belong to founder Luna Do Kwon. However, Kwon denied that any of his funds were frozen. “I don’t even use Kucoin and Okex, no time to trade, no funds frozen,” he emphasized.

Prosecutors Say They Freeze Kwon’s Cryptocurrency, Including Bitcoin

South Korean prosecutors have reportedly frozen nearly $40 million in crypto assets believed to belong to Terraform Labs co-founder, Kwon Do-hyeong (also known as Do Kwon). Citing the Korean publication News1, journalist Colin Wu tweeted Wednesday:

South Korean prosecutors have frozen $39.66 million in crypto assets, including BTC, owned by Do Kwon through two exchanges. Do Kwon and LFG previously denied attempting to transfer their 3,313 BTC after being issued arrest warrants.

The coins were frozen at crypto exchanges Kucoin and Okx, the publication noted, it also added that the two trading platforms had agreed to freeze Kwon’s cryptocurrency at the request of the prosecution.

South Korean prosecutors revealed last month that they were seeking to freeze 3,313 bitcoins tied to Kwon that were transferred to Kucoin and Okx from a wallet allegedly linked to the Luna Foundation Guard (LFG). However, the organization denied the allegation, stressing that it “has not created any new wallets or transferred BTC or other tokens held by the LFG as of May 2022.”

Read more: Bitcoin Protocol Defi Sovryn Hacked For Over $1 Million

Following news of prosecutors freezing $39.66 million in crypto that belonged to him, Kwon took to Twitter to deny that the frozen funds were his. “I have no motivation behind spreading this lie – flex muscles? But for what? ” the Luna founder tweeted Tuesday, adding:

Again, I don’t even use Kucoin and Okex, no time to trade, no frozen funds. I don’t know whose money they froze, but good for them, hopefully they use it for good.

A South Korean court issued an arrest warrant for Kwon on September 14. He was accused of fraud following the collapse of crypto luna (now known as luna classic (LUNC)) and stablecoin terrausd (UST). ). Furthermore, Interpol has given him a Red Notice. “Red Notice is a requirement for law enforcement worldwide to locate and temporarily arrest a person pending extradition, surrender or similar legal action,” the website states. Interpol’s details, adding that “Red Notices are issued to fugitives who are prosecuted, prosecuted or served with convictions.”

The whereabouts of the founder of Luna is currently unknown. He is believed to be in Singapore but the Singapore police force recently indicated that he is not currently in the city. Kwon has insisted he’s not “on the run”, recently tweeting that he’s “not trying to hide”.

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