S. Korean Authorities Look to Freeze $67M Bitcoin Tied to Terra's Do Kwon
Interpol has issued a Red Notice for Kwon's provisional arrest pending extradition, as a worldwide search for the Terraform Labs co-founder continues.
Authorities in South Korea have requested crypto exchanges OKX and KuCoin to freeze some 3,313
The bitcoin was transferred to digital wallets of the exchanges shortly after an arrest warrant was issued for Kwon in South Korea on Sept. 14, according to the report. Authorities accused the crypto entrepreneur of violating the country's securities laws and issued the warrant just months after the collapse of the $40 billion Terra ecosystem, which triggered a market downturn and the collapse of other major players in the industry.
While Kwon has maintained he is not on the run, South Korean authorities had asked Interpol for assistance in locating him. On Monday, Interpol put out a Red Notice, which is a request to law enforcement around the world to locate and provisionally arrest Kwon pending extradition, surrender or similar legal action.
Blockchain data analytics platform CryptoQuant says a digital wallet for the Luna Foundation Guard (a nonprofit set up in Singapore to promote Terra's growth) was "suddenly" created on crypto exchange Binance on Sept. 15. In the three days that followed, 3,313 BTC were transferred to KuCoin and OKX. In the months before Terra collapsed, the Luna Foundation Guard bought around $1.5 billion worth of bitcoin to beef up the reserves for its stablecoin UST.
While KuCoin has frozen some 1354 BTC ($27 million) transferred to the platform, OKX is allegedly "ignoring the prosecution's request to freeze assets" according to the article.
"OKX can confirm that it has received a request from the Korean authorities, and that it is cooperating with their investigation," a spokesperson told CoinDesk following the publication of this article.
A spokesperson for KuCoin said it is "willing to cooperate with any global law enforcement agencies when it comes to cases of investigations pertaining to the origin and freezing of suspected assets."
Meanwhile, Do Kwon denied "cashout" allegations in a tweet.
What has been probably the most surprising in all this is the amount of misinformation that gets spread.
— Do Kwon 🌕 (@stablekwon) September 28, 2022
There is no “cashout” as alleged, i havent used kucoin or okex in at least the last year, and no funds of tfl, lfg or any other entities have been frozen. https://t.co/E1cbKgoqQz
Read more: Interpol Issues Red Notice for Do Kwon: Report
UPDATE (Sept. 28, 06:25 UTC): Adds comment from KuCoin and Do Kwon.
UPDATE (Sept. 28, 07:32 UTC): Adds comment from OKX.
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Exchange Review - March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
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- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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