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Do Kwon Denies Report That South Korean Prosecutors Froze $39.6M of His Crypto
"I don't know whose funds they've frozen, but good for them, hope they use it for good," he tweeted.
Do Kwon, the CEO of Terraform whose failed stablecoin project rocked markets earlier this year, denied a media report that South Korean prosecutors have frozen 56.2 billion won ($39.6 million) of his cryptocurrency assets.
"I don't get the motivation behind spreading this falsehood ā muscle flexing? But to what end?" Kwon tweeted Wednesday in response to CoinDesk's story summarizing the News1 report. "I don't know whose funds they've frozen, but good for them, hope they use it for good."
Story continues
I don't get the motivation behind spreading this falsehood - muscle flexing? But to what end?
ā Do Kwon š (@stablekwon) October 5, 2022
Once again, I don't even use Kucoin and OkEx, have no time to trade, no funds have been frozen.
I don't know whose funds they've frozen, but good for them, hope they use it for good š https://t.co/gSucKfqsxj
Last month, CoinDesk Korea reported that authorities in South Korea had asked crypto exchanges OKX and KuCoin to freeze 3,313 bitcoin (BTC), worth around $67 million, that are tied to Kwon. Also in September, Bloomberg reported that Interpol, an international organization that coordinates global searches for suspects, issued a "red notice" for Kwon. A red notice is an order to law enforcement worldwide to find and arrest a wanted person. Kwon has yet to be located.
Ian Allison
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.
