Shadine Taufik · · 1 min readTerra founder contests South Korea’s Bitcoin transfer accusations
Do Kwon, the founder of now-collapsed Terraform Labs, has countered cashout allegations made by South Korean police, Forkast reported.
“There is no ‘cashout’ as alleged,” Kwon shared in a Twitter post.
Police alleged that 3,313 bitcoins from Luna Foundation Guard, a support organization of the Terra stablecoin, were moved to crypto exchange platforms KuCoin and OKX between September 15 and 18. As a result, prosecutors ordered KuCoin and OKX to freeze 1,354 bitcoins, and 1,959 bitcoins, respectively.
This is the latest development in South Korea’s probe into the US$40-billion Terra collapse in May. The country is suing Kwon and his affiliates for fraud. Arrest warrants were issued on September 14, and requests to the ministry of foreign affairs have been made to cancel their passports.
Interpol has also issued a Red Notice for Kwon, enabling law enforcement worldwide to find and arrest wanted individuals.
Kwon’s location is still unknown, despite his claims that he is not hiding from police.
Editing by Samreen Ahmad and Lorenzo Kyle Subido
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