February 8, 2023

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South Korea seeks to freeze bitcoin linked to UST, luna founder

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South Korean authorities are looking for the arrest of Do Kwon, co-founder and chief executive officer of Terraform Labs. His organization is behind the now-collapsed terraUSD and luna cryptocurrencies. South Korean prosecutors are now in search of to freeze bitcoin joined to Kwon.

Woohae Cho | Bloomberg | Getty Pictures

South Korean authorities sought Kwon’s arrest this thirty day period and claimed he is on the run. The prosecutors explained that Interpol, the world wide policing business, has issued a “Pink Detect” for Kwon. These types of notices are issued for fugitives wanted possibly for prosecution or to provide a sentence.

Kwon, having said that, insists he is not on the operate and explained Tuesday on Twitter that he is “making zero effort to cover.” The crypto founder statements he goes on walks and is in his residing place coding.

Public spat carries on

The Seoul Southern District prosecutors office declined to remark on how they discovered that the bitcoin is joined to Kwon.

But investigate from analytics system CryptoQuant implies that the Luna Basis Guard (LFG) set up a electronic wallet on Sept. 15 and sent 3,310 bitcoin to KuCoin and OKX. The Luna Basis Guard is a non-income aimed at promoting the blockchain Terra, designed by Kwon’s organization Terraform Labs.

The LFG responded on Tuesday stating it experienced not established any new wallets, or moved bitcoin or other digital currencies around due to the fact May perhaps 2022. It also posted its wallet deal with on Twitter.

But CryptoQuant replied: “That is the community a single,” suggesting the Luna Foundation Guard has one more wallet tackle not explicitly linked to the nonprofit.

Kwon also refuted the statements of bitcoin staying moved.

He mentioned on Twitter that there was no try to “cashout” and that he is not made use of KuCoin or OKX in “at minimum the past 12 months.” He added that no resources of Terraform Labs, LFG or other entites have been frozen.

KuCoin told CNBC on Wednesday that it is “keen to cooperate with any worldwide regulation enforcement businesses when it will come to conditions of investigations pertaining to the origin and freezing of suspected property.”

It extra that in relation to Kwon and the request by South Korean prosecutors to freeze resources linked to the crypto founder, “we would like you to 1st tackle the situation to any associated authorities and clarify their stance pertaining to the issue.”

CNBC advised KuCoin it had previously spoken to authorities. A KuCoin spokesperson said the enterprise “cannot disclose any facts in buy not to interfere with the situation.”

OKX has not but responded to a ask for for remark.

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