Do Kwon’s Bitcoin worth US$68 million or equivalent to Rp1 trillion was officially confiscated by the South Korean Prosecutor’s Office. Do Kwon is still wanted by Interpol and is no longer in Singapore.
South Korean prosecutors swiftly moved to freeze assets associated with Do Kwon, the founder of Terraform Labs, following the issuance of an arrest warrant by Interpol.
The Bitcoin seizure came after prosecutors sent requests to crypto exchanges KuCoin and OKX to freeze a total of 3,313 Bitcoins, worth about US$67 million at current prices. All cryptocurrencies are linked to Luna Foundation Guard (LFG), an affiliated organization of Terraform Labs in Singapore.
Reported from BloombergTuesday (27/9/2022), the prosecutor’s office confirmed the blocking, but not KuCoin and OKX.
South Korea has indeed requested assistance from Interpol to apprehend Do Kwon, who is currently a fugitive internationally. The Singaporean government has confirmed that Do Kwon is no longer in Singapore.
Do Kwon is suspected of violating securities laws in South Korea and is responsible for the collapse of the crypto Terra (LUNA) and stablecoin UST in May 2022, totaling more than US$60 billion.
On Monday, Kwon (31) tweetedsaid that he was not trying to hide or run away.
Yeah as i said im making zero effort to hide
I go on walks and malls, no way none of CT hasn’t run into me the past couple weeks
— Do Kwon (@stablekwon) September 26, 2022
“I’m not trying to hide. I just went for a walk and to the mall,” he said, without revealing his exact location.
According to CryptoQuant researchers, address New Bitcoins believed to belong to LFG were created on September 15, 2022. After that, a total of 3,310 Bitcoins were transferred from accounts on KuCoin and OKX.
Do Kwon Terra LUNA Targeted by Prosecutors
South Korean Prosecutor on September 14 said the court had issued a warrant for Kwon’s arrest.
“CryptoQuant has confirmed address The new Bitcoin owned by LFG is based on transaction patterns, contiguous flows, and material non-public information,” the researchers said in an emailed statement to Bloomberg.
Between January and March 2022, LFG bought $3.5 billion in Bitcoin, according to blockchain forensics firm Elliptic.
In May, that much Bitcoin was said to be used to save the value of LUNA and UST, but to no avail. [ps]