South Korea Freezes Do Kwon’s $40M Worth of Crypto

South Korea Freezes Do Kwon’s $40M Worth of Crypto
  • South Korean prosecutors have frozen almost $40 million worth of cryptocurrencies owned by Do Kwon.
  • These assets were in wallets maintained by prominent crypto exchanges KuCoin and OKX.
  • Kwon remains on the run and is wanted by the INTERPOL.

South Korean prosecutors have frozen almost $40 million worth of cryptocurrencies that are said to be Do Kwon’s possession. According to South Korean media News1, these assets are contained in two cryptocurrency exchange wallets.

The authorities traced Kwon’s movement of cryptocurrency assets and found out that they have been transferred from different wallets including those from Binance. The assets were then tracked to have been in KuCoin and OKX, two of the largest cryptocurrency exchanges in the world.

Both exchanges cooperated with the authorities and agreed to freeze Kwon’s cryptocurrency holdings, which are in Bitcoin (BTC). In retrospect, these bitcoins were from Luna Foundation Guard (LFG), the organization that was supposed to be responsible for keeping a healthy Terra (LUNA) and Terra USD (UST) ecosystem.

When the UST — now Terra USD Classic (USTC) — $1 peg collapsed, Kwon and the rest of Terraform labs assured that they have deployed capital, including BTC to re-peg UST. However, as it turned out, Kwon was alleged to have run off with the BTC and other assets instead. These bitcoins are alleged to be the ones frozen by the South Korean authorities.

Kwon remains on the run, and his whereabouts are still unknown. However, he has already received a red notice from the International Criminal Police Organization (INTERPOL). In essence, Kwon is now wanted by the international police in all parts of the globe.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.