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South Korea is looking to stop $62 million of bitcoin-related crypto creator Do Kwon

South Korea is looking to stop $62 million of bitcoin-related crypto creator Do Kwon

September 29, 2022: -On Wednesday, South Korean authorities stated that they had asked two cryptocurrency exchanges to freeze over $60 million worth of bitcoin connected to Do Kwon, the company’s founder behind two now-collapsed digital coins.

The Seoul Southern District prosecutor’s office said they have put in a request to crypto exchanges OKX and KuCoin to freeze a few 3,313 bitcoin tied to Kwon. On Wednesday, prices that bitcoin is worth nearly $62 million.

Kwon is the owner of Terraform Labs, the firm behind the algorithmic stablecoin Terra and its sister token, luna.

Combined, these coins were worth nearly $60 billion before they collapsed spectacularly in May to near-to-nothing, sending shockwaves through the crypto industry.

This month, South Korean authorities sought Kwon’s arrest and claimed he was on the run. The prosecutors stated that Interpol, the global policing organization, had given a “Red Notice” to Kwon. Such notices are established for fugitives wanted either for prosecution or to serve a sentence.

Kwon has insisted that he is not on the run and said on Twitter that he is “making zero effort to hide.” The crypto founder claims he goes on walks and is coding in his living room.

The Seoul Southern District prosecutor’s office declined to comment on how they identified that the bitcoin is attached to Kwon.

But research from analytics outlet CryptoQuant said that the Luna Foundation Guard (LFG) set up a digital wallet on September 15 and sent 3,310 bitcoin to KuCoin and OKX. The Luna Foundation Guard is a nonprofit promoting the blockchain Terra, created by Kwon’s company Terraform Labs.

On Tuesday, the LFG responded, saying it had not created any new wallets or moved bitcoin or other digital currencies since May 2022. It posted its wallet address on Twitter. Kwon also denied the claims of bitcoin being transferred.

On Twitter, he said there was no attempt to “cash out” and that he’s not used KuCoin or OKX in “at least in the previous year.” He further that no funds from Terraform Labs, LFG, or other entities had been frozen.

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