Many individuals misplaced cash when stablecoins LUNA and UST fell and traded near zero, after which Terraform Labs and Kwon have been blamed for the incident that swept billions from the market. Very quickly, the matter turned a trending subject and it acquired a number of consideration in South Korea.
In accordance with a report from the Korean native media outlet News1 on October 5, South Korean prosecutors have frozen 56.2 billion gained ($39.66 million) in digital property, together with Bitcoin (BTC), managed by Do Kwon via two cryptocurrency exchanges.
Kwon reacted to the experiences on Twitter by stating that he doesn’t maintain his funds on the talked about cryptocurrency exchanges, that he doesn’t have the time to commerce in cryptocurrency, and that the funds that have been seized didn’t belong to him.
Kwon mentioned that all the experiences relating to this matter are unfaithful. He referred to as the accusations “spreading falsehood” and asserting that he doesn’t “even make the most of Kucoin and OkEx, and no funds have been frozen.”
These property have been added to the 38.8 billion gained that Do Kwon is claimed to have tried to hide and have been frozen on September 27 by the Joint Monetary Securities Crime Investigation Staff of the Seoul District Prosecutors, led by Director Seong Dan.
Is Kwon Hiding From the Legislation?
The Supreme Prosecutors Workplace’s Monetary Crimes Unit claimed that Kwon and 5 different individuals have been all in Singapore on the time a court docket within the South Korean capital issued an arrest order for them on September 14 because of violations of the nation’s Capital Markets Act.
Do Kwon initially mentioned he was not hiding from the legislation after the arrest warrant was issued, however he later reiterated this declare on Twitter after prosecutors claimed in another way and even urged Interpol to change into concerned.
A South Korean court docket issued an arrest warrant for the Terra founder on September 15 after accusing him of violating inventory market guidelines.
