Japan Financial News

Stay information updates: Terraform Labs co-founder Do Kwon denies $67mn asset freeze declare

The co-founder of collapsed cryptocurrency operator Terraform Labs denied that South Korean prosecutors have frozen about $67mn of his cryptocurrency property, whereas South Korean authorities started the method to revoke his passport.

The Seoul Southern District Prosecutors’ Workplace stated on Thursday that Do Kwon’s bitcoin holdings in two exchanges OKX and KuCoin had been frozen.

“I don’t get the motivation behind spreading this falsehood — muscle flexing? However to what finish?” Kwon tweeted on Wednesday. “I don’t know whose funds they’ve frozen, however good for them, hope they use it for good.”

Blockchain analytics platform CryptoQuant, stated final month that the Luna Basis Guard, a non-profit organisation arrange in Singapore to advertise terraUSD’s progress, created a digital pockets on crypto alternate Binance on Sept 15. The group added that 3,313 bitcoins — price about $67mn — had been transferred to KuCoin and OKX over the next three days.

The 2 exchanges have accepted Korean authorities’ requests to freeze the property, the prosecutors’ workplace stated. However it declined to say how they decided that the property belonged to Kwon.

Seoul’s international ministry on Wednesday additionally stated Kwon’s passport can be revoked if he didn’t return it within the subsequent two weeks, piling stress on him to return to his homeland and face costs of monetary fraud and breach of the nation’s capital market legal guidelines.

Interpol has issued a crimson discover for Kwon as he refuses to co-operate with South Korean prosecutors’ investigation into $40bn implosion of the terraUSD and luna tokens that has affected a whole bunch of 1000’s of buyers. Kwon has not been positioned however has denied that he’s on the run. He couldn’t be reached for remark.

Related posts

Japan Code of Conduct for ESG Analysis and Knowledge Suppliers


Researchers from Japan undertake a reinforcement learning-based method to review the method of fluid mixing throughout laminar circulation — ScienceDaily


Inventory Market LIVE: Sensex positive aspects 500 pts, Nifty tops 17,500; Bajaj Finserv up