New Move Against Do Kwon, Founder of Terra (LUNA) from South Korea: What Will Happen to Their Bitcoins?

South Korean authorities OKX and KuCoin cryptocurrency demanded its exchanges freeze 3,313 Bitcoins (BTC), worth approximately $67 million, belonging to Terraform Labs co-founder Do Kwon.

South Korean Authorities Submit Request To Cryptocurrency Exchanges To Freeze Do Kwon’s Bitcoins

According to local sources, the Bitcoins in question were transferred to exchanges’ digital wallets shortly after an arrest warrant was issued for Kwon in South Korea on September 14.

As is known, South Korean officials claim that Do Kwon violated the country’s securities laws.

While Do Kwon claimed that he was not on the run, South Korean authorities had asked Interpol for assistance in locating him.

On Monday, Interpol issued a Red Notice to law enforcement agencies around the world requesting that they locate and temporarily arrest Kwon pending his extradition, surrender or similar legal action.

Luna Foundation Guard Transferred A Large Amount Of BTC To Digital Wallets On September 15

Blockchain data analytics platform CryptoQuant said that a digital wallet for Luna Foundation Guard (a nonprofit founded in Singapore to promote the growth of Terra) was “suddenly” created on crypto exchange Binance on September 15. In the following three days, 3,313 BTC were transferred to KuCoin and OKX.

In the months before Terra’s collapse, the Luna Foundation Guard had purchased nearly $1.5 billion worth of Bitcoin to bolster the reserves of stablecoin UST.

According to the report, KuCoin froze approximately 1354 BTC ($27 million) transferred to the platform, while OKX allegedly “ignored the prosecution’s request for an asset freeze.”

*Not investment advice.

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