Terra Founder Do Kwon Denies Assets Frozen by South Korean Authorities - Here's How Much
“No funds have been frozen,” claims Terra founder Do Kwon in response to reports that some $67m of his crypto has been put in a metaphorical freezer by South Korean authorities.
After reappearing on social media just days ago, and following a massive, now infamous collapse of the Terra / LUNA ecosystem – which fixed the eye of authorities firmly on Terra and crypto at large – Kwon took to Twitter to deny a report circulating online.
It is alleged that South Korean prosecutors have frozen ₩56.2 billion ($39.9 million) in cryptoassets, in addition to the already frozen ₩38.8 billion ($27.54 million), owned by Terra’s CEO Kwon Do-hyeong. “As a result, CEO Kwon could not use most of his ₩95 billion [$67.44 million] of hidden assets,” the local media outlet reported on Wednesday.
The report further claimed that, one day after the arrest warrant for Kwon was issued last month, the Luna Foundation Guard (LFG) Foundation – established to raise funds to defend the price of Terra coins, the director of which is Kwon – created a wallet holding some 3,313 bitcoin (BTC) on crypto exchange Binance.
In the following three days, some $27.6 million worth of BTC was transferred from Binance to the crypto exchange KuCoin, and about 56.2 billion won to the OKX exchange, it claimed.
“KuCoin and OKX reportedly responded to Kwon's virtual asset freeze at the request of the prosecution,” said the article.
Kwon, however, denied these claims, writing that no funds have been frozen, and that he doesn’t use OKX and Kucoin.
He further suggested that the situation is being used for political purposes, writing: “It's no surprise that crypto is most popular in countries that weaponize state institutions against their own people for political gain. Reap what
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