South Korean prosecutors affirm they search to freeze bitcoin property linked to Do Kwon, who denies transferring tokens • TechCrunch

Luna Basis Guard (LFG), a Bitcoin reserve co-founded by Do Kwon as a confidence backstop to guard the Terra ecosystem, refuted claims that it had transferred digital tokens to different crypto exchanges after South Korea issued an arrest warrant for Kwon on Sept 14.

South Korean prosecutors say they’ve requested two crypto exchanges – KuCoin and OKX– to freeze a complete of three,313 Bitcoins, estimated at $67million, and allege the switch was managed by Kwon.

The Guard mentioned in response it has not “created any new wallets or moved Bitcoins or different tokens held by LFG since Could 2022.”

A spokesperson of the South Korean prosecutor’s workplace in Seoul confirmed to TechCrunch that it had requested two crypto venues to freeze the allegedly tied to Kwon’s property.

KuCoin cooperated with the Korean prosecutors, freezing 1,354 Bitcoins, price about $26.8 million, which was transferred to the alternate, whereas OKX didn’t reply to the prosecutor’s request, the spokesperson mentioned, confirming an earlier report by CoinDesk.

CryptoQuant, a Blockchain knowledge analytics platform, instructed CoinDesk that Luna Basis Guard’s digital pockets was created on crypto alternate Binance on Sept 15, then 3,313 Bitcoins have been transferred to Kucoin and OKX.

Kwon, whose whereabouts are at present unknown, mentioned on Twitter, “There isn’t a ‘cashout’ as alleged. I haven’t used Kucoin or OKEX in at the very least the final 12 months, and no funds of TFL, IFG or every other entities have been frozen.”

The brand new growth escalates scrutiny of Kwon, who can be topic to an Interpol order to legislation enforcement businesses worldwide to find and arrest the entrepreneur. Kwon mentioned Monday in a tweet that he was not in hiding.

South Korean authorities declined to touch upon the Luna Basis Guard tweet. TechCrunch has reached out to KuCoin and OKX for feedback.