South Korea Looking to Freeze 3,313 Bitcoin Reportedly Linked to Luna Founder Do Kwon

In two cryptocurrency exchanges reportedly connected to Luna founder Do Kwon, South Korean authorities are attempting to freeze 3,313 bitcoins. Soon after a South Korean court issued an arrest order for the co-founder of Terraform Labs, the coins were relocated. Luna Foundation Guard has refused the transfer of the coins.

According to reports, South Korean authorities have requested that the cryptocurrency exchanges Kucoin and Okx freeze 3,313 bitcoins allegedly linked to Kwon Do-Hyung, also known as Do Kwon, a co-founder of Terraform Labs. Soon after a warrant for Kwon’s arrest in South Korea was issued, the coins were moved to the trading sites. On Tuesday, Bloomberg received confirmation from a representative of the Seoul Southern District Prosecutors’ Office that demands to freeze the 3,313 BTC had been made to the two cryptocurrency exchanges.

According to cryptocurrency researcher Cryptoquant, the money came from a wallet supposedly connected to Luna Foundation Guard (LFG) that was set up on September 15. The researcher stated to the media, “Cryptoquant specified new bitcoin addresses owned by LFG based on transaction patterns, adjacent flows and material non-public information.”

However, Luna Foundation Guard refuted the claim on Tuesday evening. The group tweeted the bitcoin address for their treasury, adding that “LFG hasn’t created any new wallets or moved BTC or other tokens held by LFG since May 2022.” It is still unknown where the originator of luna is. He was thought to be in Singapore, but the city-police state’s department announced earlier this month that he is not there right now. Kwon has said he is not “running away,” tweeting on Monday:

“I’m making zero effort to hide. I go on walks and malls.”

On September 14, a South Korean court issued a warrant for Kwon’s arrest. Following the demise of the stablecoin terrausd (UST) and cryptocurrency luna (now known as luna classic (LUNC)), he is accused of fraud. The country’s ministry of foreign affairs also intends to withdraw his passport. In addition, Interpol has issued a Red Notice for the co-founder of Terraform Labs. Interpol’s website details that “Red Notices are issued for fugitives wanted either for prosecution or to serve a sentence.”

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