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HomeLaw & PoliticsSouth Korea reportedly freezes Do Kwon's crypto worth $40M

South Korea reportedly freezes Do Kwon’s crypto worth $40M

According to reports, South Korean authorities have blocked $40 million in crypto assets, including bitcoin, allegedly belonging to Luna creator Do Kwon. Kwon, on the other hand, Kwon denied that any funds of his have been frozen. “I don’t even use Kucoin or Okex because I don’t have time to trade and no money has been frozen,” he stated.

Journalist Colin Wu tweeted on October 5, citing the Korean daily News1.

“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.”

The currencies were frozen at cryptocurrency exchanges Kucoin and Okx, according to the publication, and the two trading sites agreed to freeze Kwon’s cryptocurrency at the request of the prosecution.

Last month, South Korean authorities announced that they were attempting to freeze 3,313 bitcoins associated with Kwon that were transferred to Kucoin and Okx from a wallet purportedly associated with Luna Foundation Guard (LFG). The firm, however, refuted the charge, claiming that it “hasn’t opened any new wallets or changed BTC or other tokens held by LFG since May 2022.”

Following news that authorities had frozen $39.66 million in cryptocurrency belonging to him, Kwon took to Twitter to deny that the monies were his. “I don’t understand the purpose for spreading this myth – muscle flexing? But for what purpose?” Tuesday, the Luna founder tweeted:

“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.”

On September 14, a South Korean court issued an arrest warrant for Kwon. He is accused of fraud following the demise of the cryptocurrency luna (now known as luna classic (LUNC)) and the stablecoin terrausd (UST). Interpol has also issued a Red Notice for him. “A Red Notice is a request to law enforcement worldwide to identify and temporarily detain a person pending extradition, surrender, or similar legal action,” according to Interpol’s website, adding that “Red Notices are issued for fugitives wanted either for prosecution or to serve a sentence.”

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