Terra’s Do Kwon Denies Trying to Cash Out Bitcoin Fortune Shortly After Arrest Warrant

Terra’s Do Kwon Denies Trying to Cash Out Bitcoin Fortune Shortly After Arrest Warrant

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Alex Dovbnya

Do Kwon has denied that his cryptocurrency funds have been frozen after insisting that he wasn’t on the run

Terra founder Do Kwon has denied attempting to cash out millions worth of Bitcoin after South Korea’s court issued an arrest warrant against him.

In a tweetKwon slammed media outlets for spreading “misinformation” about him.

As reported by U.Today, South Korean authorities asked KuCoin and OKX, two prominent cryptocurrency exchanges, to block 3,313 Bitcoins (roughly $61.9 million at press time). The former allegedly agreed to block roughly $27 million worth of Bitcoin, but the latter was reportedly reluctant to cooperate with the authorities.

Kwon allegedly created a new wallet for the Luna Foundation Guard, a non-profit behind Terra, shortly after being slapped with the arrest warrant.


This puzzled the crypto community given that LFG used up all of these funds in an unsuccessful attempt to defend the peg of the failed TerraUSD stablecoin.

In the tweet, Kwon insists that he hasn’t used either KuCoin or OKX in nearly a year. He insists that no funds from LFG or any other entity have been blocked by the South Korean authorities.

As reported by U.TodayInterpol reportedly issued a red notice for Kwon, who is accused of violating South Korea’s capital-markets law.

However, the controversial South Korean entrepreneur continues to deny that he is on the run. In a recent series of tweets, Kwon claimed that he was making “zero effort” to hide amid growing speculation about his whereabouts.

Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.

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