South Korea requests KuCoin and OKX freeze Do Kwon’s 3,313 Bitcoin
South Korea authorities have requested crypto exchanges OKX and KuCoin (KCS) to freeze 3,313 bitcoins (BTC) ($67,000) tied to Do Kwon, the co-founder and CEO of Terraform Labs.
Kwon’s company was behind the algorithmic stablecoin terraclassicUSD (USTC) and its sister token terra classic (LUNC), both of which collapsed in value in May 2022.
The Seoul Southern District Prosecutors’ Office revealed that the BTC was sent from a wallet linked to Kwon’s Luna Foundation Guard (LFG) to the two crypto exchanges, a day after a Seoul court issued an arrest warrant for Kwon on 15 September, Bloomberg reported.
BTC to USD
This has since been followed by Interpol issuing a ‘red notice’ for Kwon – a formal request to law enforcement agencies worldwide to “locate and provisionally arrest a person pending extradition, surrender, or similar legal action”.
According to Interpol, “criminals can flee to another country to try to evade justice. A red notice alerts police worldwide about internationally wanted fugitives.” However, the international police organisation stressed a red notice is not an international arrest warrant.
The collapse of Terraform Labs’ cryptos resulted in $40bn (£37bn) of investor’s money being wiped out, which also fed into the current crypto bear market and a hard fork that led to a new version of terra luna (LUNA).
LUNA to USD
KuCoin willing to co-operate but OKX remains silent
KuCoin has agreed to co-operate with the South Korean courts, but OKX has yet to make a reply, CoinDesk Korea has reported. However, neither of the crypto exchanges are registered in Korea.
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‘I’m writing code in my living room’
Kwon broke his Twitter silence on 26 September and had a conversation via the platform with other users. When asked where he is, Kwon replied: “I’m writing code in my living room.”
Kwon had not said anything via Twitter since 17 September.
He added that he is also going on walks and to shopping centres and “making zero effort to hide.”
Terraform Labs did not immediately respond to Capital.com’s request for a comment.
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