South Korean prosecutors confirm they are seeking to freeze bitcoin holdings linked to Do Kwon, who denies moving any tokens
Luna Foundation Guard (LFG), a Bitcoin reserve co-founded by Do Kwon as a trusted backstop to protect the Terra ecosystem, has refuted claims that it transferred digital tokens to other crypto exchanges after South Korea issued an arrest warrant for Kwon on September 14.
South Korean prosecutors say they asked two crypto exchanges - KuCoin and OKX - to freeze a total of 3,313 bitcoins, valued at $67 million, and say the transfer was controlled by Kwon.
The Guard said in response that it had “not created any new wallets or moved any Bitcoins or other tokens held by LFG since May 2022”.
A spokesperson for the South Korean prosecutor's office in Seoul confirmed to TechCrunch that it has asked two crypto sites to freeze suspected assets related to Kwon's assets.
KuCoin cooperated with Korean prosecutors, freezing 1,354 bitcoins, worth approximately $26.8 million, which were transferred to the exchange, while OKX did not respond to prosecutor's request, the spokesperson said, confirming an earlier report from CoinDesk.
CryptoQuant, a Blockchain data analytics platform, told CoinDesk that the Luna Foundation Guard digital wallet was created on the Binance crypto exchange on September 15, then 3,313 Bitcoins were transferred to Kucoin and OKX.
Kwon, whose whereabouts are currently unknown, said on Twitter: "There is no 'payment' as claimed. Haven't used Kucoin or OKEX at least last year , and no funds of TFL, IFG or any other entity have been frozen.”
The new development intensifies the scrutiny of Kwon, who is also the subject of an Interpol order to law enforcement around the world to locate and arrest the contractor. Kwon said in a tweet on Monday that he was not hiding.
South Korean authorities declined to comment on Luna Foundation Guard's tweet. TechCrunch has contacted KuCoin and OKX for comment.
Luna Foundation Guard (LFG), a Bitcoin reserve co-founded by Do Kwon as a trusted backstop to protect the Terra ecosystem, has refuted claims that it transferred digital tokens to other crypto exchanges after South Korea issued an arrest warrant for Kwon on September 14.
South Korean prosecutors say they asked two crypto exchanges - KuCoin and OKX - to freeze a total of 3,313 bitcoins, valued at $67 million, and say the transfer was controlled by Kwon.
The Guard said in response that it had “not created any new wallets or moved any Bitcoins or other tokens held by LFG since May 2022”.
A spokesperson for the South Korean prosecutor's office in Seoul confirmed to TechCrunch that it has asked two crypto sites to freeze suspected assets related to Kwon's assets.
KuCoin cooperated with Korean prosecutors, freezing 1,354 bitcoins, worth approximately $26.8 million, which were transferred to the exchange, while OKX did not respond to prosecutor's request, the spokesperson said, confirming an earlier report from CoinDesk.
CryptoQuant, a Blockchain data analytics platform, told CoinDesk that the Luna Foundation Guard digital wallet was created on the Binance crypto exchange on September 15, then 3,313 Bitcoins were transferred to Kucoin and OKX.
Kwon, whose whereabouts are currently unknown, said on Twitter: "There is no 'payment' as claimed. Haven't used Kucoin or OKEX at least last year , and no funds of TFL, IFG or any other entity have been frozen.”
The new development intensifies the scrutiny of Kwon, who is also the subject of an Interpol order to law enforcement around the world to locate and arrest the contractor. Kwon said in a tweet on Monday that he was not hiding.
South Korean authorities declined to comment on Luna Foundation Guard's tweet. TechCrunch has contacted KuCoin and OKX for comment.
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