Report: Korean authorities order freezing of $67 million in Bitcoin linked to Do Kwon
The latest discovery in the long saga of the Terra ecosystem contradicts many of Do Kwon's early claims.
New
South Korean authorities have asked crypto exchange OKX and Kucoin to freeze 3,313 bitcoins (BTC) believed to be linked to Do Kwon, the co-founder of blockchain developer Terra Terraform Labs.
Kwon, who is currently on the run from Korean authorities in the securities violation case, reportedly set up a new wallet on September 15, just a day after a Korean court issued an arrest warrant for the fugitive crypto founder.
According to crypto-analytics group Cryptoquant, a new BTC wallet was created under the name Luna Foundation Guard (LFG), and a total of 3,313 BTC was subsequently transferred to the KuCoin exchange and OKX.< /p>
KuCoin received a total of 1,354 BTC, which was frozen immediately after the transfer, while OKX reportedly ignored authorities' requests. Thus, a total of 1,959 BTC could not be frozen and could have been moved to other platforms.
Cointelegraph has contacted both crypto exchanges for confirmation, but has not received a response as of press time.
The movement of BTC from the LFG wallet has raised many eyebrows as it contradicts Kwon's early claims that he used all the BTC in tLFG reserves to defend the TerraUSD Classic (USTC) peg.
Related: Terra Co-Founder Do Kwon Says He's 'Making No Effort to Hide' Following Interpol Notice
Prior to the issuance of his arrest warrant on September 14, Kwon claimed that he was not under investigation and had not been contacted by any authority, despite numerous reports. ..
The latest discovery in the long saga of the Terra ecosystem contradicts many of Do Kwon's early claims.
New
South Korean authorities have asked crypto exchange OKX and Kucoin to freeze 3,313 bitcoins (BTC) believed to be linked to Do Kwon, the co-founder of blockchain developer Terra Terraform Labs.
Kwon, who is currently on the run from Korean authorities in the securities violation case, reportedly set up a new wallet on September 15, just a day after a Korean court issued an arrest warrant for the fugitive crypto founder.
According to crypto-analytics group Cryptoquant, a new BTC wallet was created under the name Luna Foundation Guard (LFG), and a total of 3,313 BTC was subsequently transferred to the KuCoin exchange and OKX.< /p>
KuCoin received a total of 1,354 BTC, which was frozen immediately after the transfer, while OKX reportedly ignored authorities' requests. Thus, a total of 1,959 BTC could not be frozen and could have been moved to other platforms.
Cointelegraph has contacted both crypto exchanges for confirmation, but has not received a response as of press time.
The movement of BTC from the LFG wallet has raised many eyebrows as it contradicts Kwon's early claims that he used all the BTC in tLFG reserves to defend the TerraUSD Classic (USTC) peg.
Related: Terra Co-Founder Do Kwon Says He's 'Making No Effort to Hide' Following Interpol Notice
Prior to the issuance of his arrest warrant on September 14, Kwon claimed that he was not under investigation and had not been contacted by any authority, despite numerous reports. ..
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