South Korea seeks to freeze bitcoin linked to UST, luna founder

South Korean authorities are looking for the arrest of Do Kwon, co-founder and chief government officer of Terraform Labs. His firm is behind the now-collapsed terraUSD and luna cryptocurrencies. South Korean prosecutors at the moment are looking for to freeze bitcoin linked to Kwon.

Woohae Cho | Bloomberg | Getty Images

South Korean authorities sought Kwon’s arrest this month and claimed he’s on the run. The prosecutors stated that Interpol, the worldwide policing group, has issued a “Red Notice” for Kwon. Such notices are issued for fugitives wished both for prosecution or to serve a sentence.

Kwon, nevertheless, insists he isn’t on the run and stated Tuesday on Twitter that he’s “making zero effort to hide.” The crypto founder claims he goes on walks and is in his lounge coding.

Public spat continues

The Seoul Southern District prosecutors workplace declined to touch upon how they recognized that the bitcoin is linked to Kwon.

But analysis from analytics platform CryptoQuant means that the Luna Foundation Guard (LFG) arrange a digital pockets on Sept. 15 and despatched 3,310 bitcoin to KuCoin and OKX. The Luna Foundation Guard is a non-profit geared toward selling the blockchain Terra, created by Kwon’s firm Terraform Labs.

The LFG responded on Tuesday saying it had not created any new wallets, or moved bitcoin or different digital currencies round since May 2022. It additionally posted its pockets deal with on Twitter.

But CryptoQuant replied: “That’s the public one,” suggesting the Luna Foundation Guard has one other pockets deal with not explicitly linked to the nonprofit.

Kwon additionally refuted the claims of bitcoin being moved.

He stated on Twitter that there was no try to “cashout” and that he isn’t used KuCoin or OKX in “at least the last year.” He added that no funds of Terraform Labs, LFG or different entites have been frozen.

KuCoin instructed CNBC on Wednesday that it’s “willing to cooperate with any global law enforcement agencies when it comes to cases of investigations pertaining to the origin and freezing of suspected assets.”

It added that in relation to Kwon and the request by South Korean prosecutors to freeze funds linked to the crypto founder, “we would like you to first address the issue to any related authorities and clarify their stance regarding the matter.”

CNBC instructed KuCoin it had already spoken to authorities. A KuCoin spokesperson stated the corporate “can’t disclose any details in order not to interfere with the case.”

OKX has not but responded to a request for remark.


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