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Terra CEO Do Kwon Denies Reports of Bitcoin Frozen – Bitcoin (BTC/USD)

The Besieged TerraForm Labs CEO Kwon Do-hyung, also known as Do kwonon Wednesday denied reports that South Korean prosecutors were frozen Bitcoin BTC/USD 56.2 billion won (US$39.6 million) worth of assets from the Terra Luna Foundation.

South Korea’s News1 reported that the Joint Financial Securities Crime Investigation Team of Seoul South District Prosecutors froze 56.2 billion won on Sept. 27. This is on top of the previously frozen 38.8 billion won of the 95 billion won in assets that Kwon was allegedly trying to hide.

Also Read: EXCLUSIVE: KuCoin Ready to Work with South Korea to Freeze Bitcoin in Do Kwon Fiasco, CEO Says

Do Kwon denies reports

In response, Kwon said he had no time to act and no funds had been frozen.

“I don’t understand the motivation for spreading this untruth – flexing your muscles? But for what purpose?” said Kwon. “Again, I don’t even use Kucoin and OkEx, don’t have time to trade, no funds have been frozen. I don’t know whose funds they froze but good for them I hope they use it forever. “

His mention of cryptocurrency exchanges OK and KuCoin was related to reports last month that exchanges had worked with law enforcement to freeze 3,313 bitcoin worth around $66 million.

These claims have also been refuted by Kwon and Luna Foundation Guard, a non-profit organization created to support the Terra ecosystem.

Kwon claimed on Twitter a week ago that he had not stolen any money from his business and neither TerraForm Labs nor Luna Foundation Guard had frozen any money.

Interpol issues notice for Do Kwon

Interpol had already issued a red notice of his arrest.

According to South Korean prosecutors, law enforcement had to work together to find and arrest Kwon.

Kwon had simultaneously denied he was on the run and denied his identity via his Twitter account for at least a month.

Kwon said he and his company were cooperating with authorities and had nothing to hide.

South Korean authorities are targeting Do Kwon’s arrest

On September 15, a South Korean court issued an arrest warrant for the Terra founder, accusing him of violating capital markets regulations.

In connection with the collapse of the Terraform Labs algorithmic stablecoin in May Terra USDthat destroyed $40 billion, the arrest warrant also targeted five other Singaporeans.

Also Read: EXCLUSIVE: Yuga Labs Co-Founder Greg Solano, AKA Gargamel, Comes to Benzingas Future Of Crypto Event: Here Are the Details

Photo: breakermaximus via Shutterstock

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