UpdatesOct 01, 2022

South Korea freezes $67 million in Luna Funds

South Korean prosecutors have sent a letter to the KuCoin and OKX crypto exchanges to freeze around 3,313 BTC

According to the latest information, South Korean authorities have asked two cryptocurrency exchange platforms to freeze Bitcoins worth tens of millions of dollars, which are associated with Do Kwon, the founder of the Terra network (LUNA).

South Korean authorities continue to pursue Do Kwon and freeze his funds

According to a new Bloomberg report, South Korean prosecutors wrote to the KuCoin and OKX crypto exchanges to freeze a total of approximately 3,313 BTC linked to a crypto wallet owned by the Kwon Luna Foundation Guard (LFG). The estimated value of this BTC number at the time of writing this article is $ 67 million. According to a CryptoQuant analyst, South Korean officials say the wallet was created on September 15, 2022.

- After the investigation, CryptoQuant determined new BTC addresses belonging to the LFG based on data such as transaction patterns, neighboring flows, but also thanks to significant non-public information - the agency announced.

The report said that one prosecutor confirmed the request, although neither KuCoin nor OKX, formerly known as OKEX, have so far commented on the case. In early September, officials investigating Kwon asked Interpol to put him on the red list, announcing that his whereabouts are currently unknown.

On September 14, a South Korean court issued a warrant for the immediate arrest of Kwon for allegedly violating the country's financial regulations. A few days ago, Kwon told a million Twitter followers that he was not hiding from the police or Interpol.

- As I said, I'm not trying to hide. I normally go for walks and shopping malls - admitted Kwon.

However, according to the report, Kwon's whereabouts are unknown after he left Singapore. In May, stablecoin issuer Terra collapsed after its algorithmic stablecoin severed from its 1: 1 link to the dollar, removing about $ 60 billion from the market.