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HomeTop StoriesSouth Korea desires to freeze bitcoin linked to UST, Luna's founder

South Korea desires to freeze bitcoin linked to UST, Luna’s founder


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South Korean authorities are calling for the arrest of Terraform Labs co-founder and CEO Do Kwon. His firm is behind the now-collapsed TeraUSD and Luna cryptocurrencies. South Korean prosecutors at the moment are searching for to freeze the bitcoins linked to Kwon.

Whoa Chow | Bloomberg | Getty Photographs

South Korean officers this month referred to as for Kwon’s arrest and claimed he was on the run. Prosecutors mentioned the worldwide police group Interpol had issued a “purple discover” for Kwon. Such notices are issued to fugitives who’re both wished for prosecution or for serving a sentence.

Nonetheless, Kwon insisted he was not on the run and mentioned on Twitter on Tuesday that he was “making zero effort to cover.” The crypto founder claims he walks up and is in his front room coding.

Public controversy continues

The Seoul Southern District Prosecutor’s Workplace declined to touch upon how they recognized that bitcoin was linked to the kwon.

However analysis by analytics platform CryptoQuant reveals that the Luna Basis Guard (LFG) arrange a digital pockets on September 15 and despatched 3,310 bitcoins to Cuoco and OKEx. The Luna Basis Guard is a non-profit group that goals to advertise Terra, the blockchain created by Kwon’s firm Terraform Labs.

LFG responded on Tuesday that it has not created any new wallets, or transferred bitcoin or different digital currencies, since Could 2022. It has additionally posted its pockets handle on Twitter.

However Cryptoquant replied: “It is public,” suggesting the Luna Basis guard has one other pockets handle that’s not clearly linked to the nonprofit.

Kwon additionally denied the claims that bitcoins had been transferred.

He mentioned on Twitter that there was no try to “cashout” and that he has not used KuCoin or OKX in “not less than the final 12 months”. He mentioned that no funds of Terraform Labs, LFG or different entities have been frozen.

KuCoin instructed CNBC on Wednesday that it’s “able to cooperate with any international regulation enforcement companies in the case of investigations associated to the origin and freezing of suspicious property.”

It added that in relation to the request by Kwon and South Korean prosecutors to freeze funds linked to the crypto founder, “we wish you to first handle the difficulty to any related authorities and make clear your stand relating to the matter.” Do it.”

CNBC instructed KuCoin that it has already spoken to authorities. A KuCoin spokesperson mentioned the corporate “couldn’t disclose any particulars so as to not intervene within the matter.”

OKX has not but responded to a request for remark.

What you need to know about the controversial stablecoin that is of concern to the crypto markets

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