Home Crypto News Korean Authorities Seize $67 Million in Bitcoin Linked to Do Kwon

Korean Authorities Seize $67 Million in Bitcoin Linked to Do Kwon

by Cryptoroz

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The securities violation case surrounding Terra has been sophisticated even additional. The South Korean authorities just lately requested KuCoin and OKX to freeze over 3,313 Bitcoin allegedly tied to Do Kwon.

The reported BTC quantities to over 67 million {dollars} as of September 28. The Co-Founding father of Terra blockchain is on the run from the authorities concerning the case of the violation.

Studies of Do Kwon making a brand new pockets on September 15, a day after the court docket issued an arrest warrant in opposition to the founder, have surfaced. Cryptoquant, a well-established crypto analytic group, said {that a} new Bitcoin pockets below the identify of LFG (Luna Basis Guard) together with 3,313 Bitcoin was transferred to the OKX and KuCoin change.

The quantity was distributed amongst 1,354 BTC in KuCoin and 1,959 BTC in OKX. Whereas KuCoin reportedly seized the tokens instantly, OKX ignored the requests. Thus, the authorities do not know in regards to the whereabouts of the remaining 1,959 BTC.

The current growth didn’t sit effectively with many, because it straight contradicted Do Kwon’s claims of getting used all of the Bitcoin in tLFG reserves to avoid wasting the USTC (TerraUSD Traditional) peg.

A day earlier than the warrant in opposition to Kwon was launched, the founder denied being below investigation. A number of reviews concerning authorities contacting Kwon had been being launched on the time.

Kwon reportedly left Singapore as rapidly because the warrant was made public, prompting officers to name Interpol. On September 26, Interpol launched a purple discover in opposition to the founder, making Kwon a confirmed fugitive.

Nonetheless, regardless of the worldwide discover and all of the proof, Kwon continues to tweet steadily. The founder additionally discredited the information of utilizing KuCoin or OKX up to now yr. This was performed by means of Kwon’s official Twitter account, which remains to be circulating and has the checkmark enabled.

It stays unclear how the case will progress or how even the fugitive nonetheless has entry to the official Twitter account.

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