South Korea wants to freeze 3,313 bitcoins allegedly linked to Do Kwon

Do Kwon Wife

The coins were moved shortly after a South Korean court issued an arrest warrant for Terraform Labs co-founder Do Kwon.

South Korean authorities have asked cryptocurrency exchanges Kucoin and Okx to freeze 3,313 bitcoins allegedly linked to Terraform Labs co-founder Kwon Do-hyung, also known as Do Kwon. The coins were transferred to trading platforms shortly after an arrest warrant was issued for Kwon in South Korea.

On Tuesday, an official from the Seoul Southern District Public Prosecutor’s Office confirmed to Bloomberg that requests have been sent to the two cryptocurrency exchanges to freeze the 3,313 BTC.

The coins were transferred to trading platforms from a wallet allegedly linked to the Luna Foundation Guard (LFG) that was created on September 15, according to crypto researcher Cryptoquant. The researcher told the publication:

Cryptoquant specified the new LFG-owned bitcoin addresses based on transaction patterns, adjacent flows, and material non-public information.

However, Luna Foundation Guard denied the allegation on Tuesday night. The group tweeted the bitcoin address of its treasury, adding: “LFG has not created any new wallets or moved BTC or other tokens held by LFG since May 2022.”

Do Kwon says: ‘I’m not making any effort to hide

The whereabouts of the moon founder are currently unknown. He was believed to be in Singapore, but the Singapore Police Force said earlier this month that he is currently not in the city-state. Kwon has maintained that he is not “on the run”, tweeting on Monday:

“I make no effort to hide. I go out for a walk and to the malls.”

A South Korean court issued an arrest warrant for Kwon on September 14. He is accused of fraud following the crash of the luna cryptocurrency (now called luna classic (LUNC)) and the stablecoin terrausd (UST). In addition, the country’s Ministry of Foreign Affairs is planning to revoke his passport.

In addition, Interpol has issued a Red Notice on the co-founder of Terraform Labs. “A Red Notice is a request to law enforcement agencies around the world to locate and provisionally detain a person pending extradition, surrender or similar legal action,” details the Interpol website, adding that “red notices are issued to fugitives wanted for prosecution or to serve a sentence.”