Crypto

S Korean Prosecutors Freeze $39.6M in Crypto

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2 years ago

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Prosecutors in South Korea have frozen 56.2 billion won ($39.6 million) of cryptocurrency assets belonging to Do Kwon, CEO of Terraform Labs, the firm behind the failed Luna stablecoin project, according to Korean media outlet News1.

Late last month, authorities in South Korea asked crypto exchanges OKX and KuCoin to freeze 3,313 bitcoins (BTC) worth around $67 million that are tied to Kwon.

“I don’t get the motivation behind spreading this falsehood – muscle flexing? But to what end?” Kwon tweeted Wednesday in response to CoinDesk’s story about the News1 report. “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.”

Late last month, Interpol, an international organization that coordinates global searches for suspects, issued a “red notice” for Kwon. A red notice is an order to law enforcement worldwide to find and arrest a wanted person. Kwon has yet to be located.

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