{"id":7664,"date":"2022-10-06T10:29:44","date_gmt":"2022-10-06T10:29:44","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=7664"},"modified":"2022-10-06T10:29:45","modified_gmt":"2022-10-06T10:29:45","slug":"south-korea-reportedly-freezes-do-kwons-crypto-worth-40m-luna-founder-says-the-funds-are-not-his","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=7664","title":{"rendered":"South Korea Reportedly Freezes Do Kwon&#8217;s Crypto Worth $40M \u2014 Luna Founder Says the Funds Are Not His"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>South Korean authorities have reportedly frozen $40 million in crypto assets, including bitcoin, allegedly belonging to Luna founder Do Kwon. However, Kwon denied that any funds of his have been frozen. \u201cI don\u2019t even use Kucoin and Okex, have no time to trade, no funds have been frozen,\u201d he insisted.<\/strong><\/p>\n<h2>Prosecutors Say They\u2019ve Frozen Do Kwon\u2019s Crypto, Including Bitcoin<\/h2>\n<p>South Korean prosecutors have reportedly frozen nearly $40 million in crypto assets allegedly belonging to Terraform Labs co-founder Kwon Do-hyeong (also known as Do Kwon). Citing Korean publication News1, journalist Colin Wu tweeted Wednesday:<\/p>\n<p>South Korean prosecutors have frozen $39.66 million of crypto assets, including BTC, owned by Do Kwon through two exchanges. Do Kwon and LFG previously denied trying to transfer their 3,313 BTC after being issued an arrest warrant.<\/p>\n<p>The coins were frozen at cryptocurrency exchanges Kucoin and Okx, the publication noted, adding that the two trading platforms have agreed to freeze Kwon\u2019s crypto at the request of the prosecution.<\/p>\n<p>South Korean prosecutors revealed last month that they were seeking to freeze 3,313 bitcoins tied to Kwon that were transferred to Kucoin and Okx from a wallet allegedly linked to Luna Foundation Guard (LFG). However, the organization denied the allegation, insisting that it \u201chasn\u2019t created any new wallets or moved BTC or other tokens held by LFG since May 2022.\u201d<\/p>\n<p>Following the news of the prosecutors freezing $39.66 million in crypto belonging to him, Kwon took to Twitter to deny that the frozen funds are his. \u201cI don\u2019t get the motivation behind spreading this falsehood \u2013 muscle flexing? But to what end?\u201d the Luna founder tweeted Tuesday, adding:<\/p>\n<p>Once again, I don\u2019t even use Kucoin and Okex, have no time to trade, no funds have been frozen. I don\u2019t know whose funds they\u2019ve frozen, but good for them, hope they use it for good.<\/p>\n<p>A South Korean court issued an arrest warrant for Kwon on Sept. 14. He is accused of fraud after the collapse of the cryptocurrency luna (now called luna classic (LUNC)) and stablecoin terrausd (UST). Moreover, Interpol has issued a Red Notice for him. \u201cA Red Notice is a request to law enforcement worldwide to locate and provisionally arrest a person pending extradition, surrender, or similar legal action,\u201d Interpol\u2019s website details, adding that \u201cRed Notices are issued for fugitives wanted either for prosecution or to serve a sentence.\u201d<\/p>\n<p>The Luna founder\u2019s whereabouts are currently unknown. He was believed to be in Singapore but the Singapore police force recently said that he is currently not in the city-state. Kwon has maintained that he is not \u201con the run,\u201d tweeting recently that he is \u201cmaking zero effort to hide.\u201d<\/p>\n<p><em><strong>Do you think South Korean prosecutors have frozen Do Kwon\u2019s crypto? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/south-korea-reportedly-freezes-do-kwons-crypto-worth-40m-luna-founder-says-the-funds-are-not-his\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Korean authorities have reportedly frozen $40 million in crypto assets, including bitcoin, allegedly belonging to Luna founder Do Kwon. However, Kwon denied that any funds of his have been frozen. \u201cI don\u2019t even use Kucoin and Okex, have no time to trade, no funds have been frozen,\u201d he insisted. Prosecutors Say They\u2019ve Frozen Do [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7665,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-7664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7664","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7664"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7664\/revisions"}],"predecessor-version":[{"id":7666,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7664\/revisions\/7666"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/7665"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}