South Korean government bodies have requested crypto exchange OKX and Kucoin to freeze 3,313 Bitcoin (BTC) apparently associated with Do Kwon, the co-founding father of Terra blockchain developer Terraform Labs.
Kwon, who’s presently on the move in the Korean government bodies within the securities breach situation, apparently produced a brand new wallet on Sept. 15, only a next day of a Korean court issued an arrest warrant from the fugitive crypto founder.
Based on the crypto analytic group Cryptoquant, a brand new BTC wallet was produced as of Luna Foundation Guard (LFG), and as many as 3,313 BTC ended up being used in the KuCoin and OKX exchange.
KuCoin received as many as 1,354 BTC, that have been frozen soon after the transfer, while OKX has apparently overlooked authorities’ demands. Thus, as many as 1,959 BTC couldn’t be frozen and might have been gone to live in other platforms.
Cointelegraph arrived at to both crypto exchanges for confirmation but didn’t obtain a response at press time.
The movement of BTC in the LFG wallet elevated many eyebrows because it contradicts Kwon‘s early claims of utilizing all of the BTC in LFG reserves to protect the TerraUSD Classic (USTC) peg.
Related: Terra co-founder Do Kwon states he’s ‘making zero effort to hide’ following Interpol notice
Before the issuing of an arrest warrant on Sept. 14, Kwon claimed that he’s neither under analysis nor has he been contacted by government bodies, despite numerous reports of countless investigations in Columbia. However, immediately after an arrest warrant was launched, Kwon apparently fled Singapore, forcing government bodies to find the aid of Interpol.
On Sept. 26, Interpol issued a red notice against Kwon, confirming his fugitive status. However, despite all of the evidence as well as an worldwide notice against him, Kwon is constantly on the tweet every occasionally, claiming otherwise.
For something which has notice within the name it sure gives no notice
Attempted to look it here, found nothing: https://t.co/SuX3aIu6r6
— Do Kwon (@stablekwon) September 26, 2022
The $40 billion Terra ecosystem collapse brought to some crypto market rout that easily wiped out nearly a trillion dollars in the crypto market. Despite such mayhem, Kwon ongoing to garner support from some parts of the city because he claimed innocence and maintained he’s lost all things in the collapse.
