South Korea is looking to freeze $62 Million worth of Do Kwon’s Bitcoin. South Korean prosecutors are putting on more pressure on Terra’s co-founder Do Kwon. Reports said that Do Kwon intended to cash out more than $62 million worth of Bitcoin using multiple crypto exchanges. This made South Korean prosecutors to move to try to freeze his assets.
South Korean Authorities’ Moves
Recently, a number of outlets have reported that South Korean officials are asking multiple crypto exchanges like OKX and Kucoin in an attempt to freeze 3,313 worth of Bitcoin (around $62 million).
The reason in doing so is because these Bitcoin assets are suspected to be linked to Terra Labs’ founder Do Kwon, who is being sought out and hit with an Interpol red notice by authorities this past month due to his role in the collapse of Terra $LUNA and UST.
This is due to the fact that rumors have been spreading around Do Kwon reportedly cashing out a total of 3,313 BTC earlier this September, right after an arrest warrant was filed for him by a South Korean court.
Do Kwon’s Response
Since the rumors have spread and the authorities have asked for these funds to be frozen however, Do Kwon has made his own statements regarding the issue.
In a tweet made on September 28 in response to CoinTelegraph, Do Kwon heavily denied the idea that he had “cashed out” his Bitcoin, and that he himself have not used KuCoin or OKX within the past year.
What has been probably the most surprising in all this is the amount of misinformation that gets spread.
There is no “cashout” as alleged, i havent used kucoin or okex in at least the last year, and no funds of tfl, lfg or any other entities have been frozen. https://t.co/E1cbKgoqQz
— Do Kwon 🌕 (@stablekwon) September 28, 2022
Do Kwon goes on to say that none of his funds have been frozen and that all of this is just “blatant misinformation”. However, not everyone in space seems to believe him. This isn’t the first time Do Kwon has denied claims like this, only for them to turn out to be true.
Just earlier this month, Do Kwon denied allegations by South Korean authorities that he was “on the run” and that he and his Terra Labs team were 100% cooperative with authorities. This was quickly shut down and denied by South Korean prosecutors however, who argued that Do Kwon had fled from Singapore and has yet to turn himself in, thus forcing the authorities to file an Interpol red notice for him.