Terra Founder Denies Reports of His Crypto Assets Frozen by Authorities

UTC by Bhushan Akolkar · 2 min read
Terra Founder Denies Reports of His Crypto Assets Frozen by Authorities
Photo: Unsplash

The Terra founder said that none of his funds have been frozen while adding that he doesn’t use OKX and KuCoin as he has no time to trade.

Earlier on Wednesday, October 5, South Korean media outlet New1 reported that local authorities have frozen the crypto assets of Terra founder Do Kwon. As per reports, the prosecutors froze 56.2 billion won ($39.6 million) worth of Kwon’s cryptocurrency assets.

Last week, there were reports that the Luna Foundation Guard had transferred 3,313 Bitcoin worth a staggering $67 million to crypto exchange OKX and KuCoin. However, Do Kwon has denied using these above exchanges stating that he doesn’t have enough time to trade. In a message on Wednesday, Kwon noted:

“I don’t get the motivation behind spreading this falsehood – muscle flexing? But to what end? 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.”

The controversial Terra founder also went out ranting about South Korean politics accusing the government of using crypto as a weapon. Kwon added:

“It’s no surprise that crypto is most popular in countries that weaponize state institutions against their own people for political gain. Reap what you sow – revolutions start from within”.

South Korean authorities have been on the lookout for Do Kwon for investigating the $60 billion implosion of the Terra ecosystem earlier this year in May. However, no one knows where Kwon is currently present while he claims to lead a pretty normal life. Earlier in September 2022, Kwon was reportedly in Singapore but the city denied his presence anymore.

The South Korean authorities have sought the help of Interpol which issued a Red Notice against Kwon in September end. Although Kwon said that he would cooperate with the investigative agencies, Terraform Labs has refused to reveal his location citing “physical security risks”.

Do Kwon Will Lose South Korean Passport

As per the latest development, South Korea is looking to strip the passport of the fugitive Terra founder. It seems to be another step from the authorities to intensify pressure on Do Kwon. The authorities have said that Do Kwon should submit the documents back or shall be revoked in 14 days.

The South Korean authorities have accused Kwon and five of his partners of breaching the capital markets law. The prosecutors have held one of the persons named Yu on charges including “violations of the capital-markets law, fraud and breach of duty related to market manipulation”.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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