Do Kwon Denies Moving LFG’s Bitcoin Fortune Shortly After Arrest Warrant Was Issued

Do Kwon Denies Moving LFG’s Bitcoin Fortune Shortly After Arrest Warrant Was Issued

September 28, 2022

As a worldwide search for Do Kwon continues, the co-founder of the collapsed Terra network has come out to clarify that he did not move Luna Foundation Guard’s (LFG) reserves to digital wallets of KuCoin and OKX exchanges.

Did You Transfer LFG’s BTC Cache Or Not, Do Kwon?

Terra’s wanted figurehead Do Kwon has refuted claims of trying to cash out the millions worth of bitcoin a day after he was slapped with an arrest warrant.

In a September 28 tweet, Kwon asserted that there was a lot of misinformation being circulated about him. There was no “cashout” as he has supposedly not used either KuCoin or OKX (formerly known as OKEx) in the past year. Kwon also claimed that the funds of Terraform Labs, LFG, or other entities had not been frozen.

As ZyCrypto reported earlier, South Korean authorities alleged that Kwon created new wallets for LFG and transferred the funds on September 15, a day after a Seoul court approved a warrant for his arrest. Korean prosecutors asked KuCoin and OKX to freeze the 3,313 BTC that originated from LFG. Neither of these exchanges is registered in South Korea. KuCoin reportedly agreed to the prosecution’s request to freeze approximately $27 million, but OKX ignored it.

The prosecutors are looking to arrest Kwon on allegations of infringing on Korean capital markets law. They’ve also been probing him for a myriad of other charges, including tax evasion and operating a Ponzi scheme.

On Monday, authorities confirmed that Kwon had been added to Interpol’s red notice list, making him a wanted fugitive by law enforcement worldwide. Nonetheless, Kwon claimed to be making “zero effort” to run from authorities even as the cat-and-mouse chase between Korean authorities and the 31-year-old erratic blockchain entrepreneur continues.

So far, it’s unclear what the 3,313 bitcoin was intended to be used for. But if Kwon is found to have siphoned funds from LFG to finance his escape, it’s likely to bolster the prosecutors’ case in court.

Source: Read Full Article