Key Takeaways
- South Korean prosecutors have reportedly asked KuCoin and OKX to freeze $67 million worth of Bitcoin associated with Do Kwon and LFG. The funds were allegedly moved to the exchanges shortly after a warrant was issued for Kwon’s arrest.
- The opaque nature of LFG’s activity has raised suspicions in the cryptocurrency community since Terra collapsed in May.
- It emerged Monday that Interpol had added Kwon to its red notice list, but he surfaced online to say that he was “making zero effort to hide.”
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Despite the rapidly intensifying drama surrounding Kwon, the famously outspoken blockchain entrepreneur surfaced on Twitter Monday to say that he was “making zero effort to hide” from authorities.
Kwon Allegedly Moved LFG’s Reserves
South Korean prosecutors are reportedly making efforts to freeze $67 million worth of Bitcoin linked to Terra’s wanted figurehead, Do Kwon.
The Seoul Southern District Prosecutors’ Office has asked KuCoin and OKX to freeze 3,313 Bitcoin that allegedly originated from Terra’s Luna Foundation Guard. The prosecutors have claimed that LFG moved the funds to the exchanges on September 15, a day after a Seoul court issued a warrant for Kwon’s arrest. Crypto researcher CryptoQuant claimed that the funds came from LFG, per a CoinDesk Korea report published Tuesday. Kwon managed LFG’s fund and made multiple multi-million dollar Bitcoin purchases prior to Terra’s $40 billion collapse in May.
While the Seoul Southern District Prosecutors’ Office had not responded to Crypto Briefing’s request for comment at press time, Bloomberg reported that an official confirmed the news earlier today. “CryptoQuant specified new Bitcoin addresses owned by LFG based on transaction patterns, adjacent flows and material non-public information,” CryptoQuant told Bloomberg. Notably, neither OKX nor KuCoin is registered in Korea. CoinDesk Korea reported that KuCoin agreed to the prosecutor’s request, but OKX stayed silent.
It’s the latest development in what’s become one of crypto’s wildest sagas as the manhunt for Kwon continues. The prosecutors confirmed that Interpol had added Kwon to its red notice list early Monday, effectively making the Terraform Labs co-founder a wanted fugitive in 195 countries. Nevertheless, Kwon surfaced on Twitter the same day to assure his followers that he was “making zero effort to hide.” He also pointed out that his name did not appear on…
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