Did authorities freeze Do Kwon’s assets?


Terra co-founder Do Kwon has refuted claims that his assets worth over $39 million have been confiscated by the South Korean government. Reports made the rounds some months ago that the regulatory agency had seized the assets in connection to the Terra mishap. Taking to Twitter, Do Kwon mentioned that he does not own any funds on the crypto exchanges and that his funds were reportedly frozen. Going deeper into the explanation, he mentioned that he was too busy to carry out crypto trades.

Do Kwon refutes confiscation claims

In his Twitter thread, Do Kwon mentioned that he hopes the authorities use the seized funds for the country’s good. His reference was in connection to the about $66 million reportedly frozen by authorities on the exchanges. The report claimed that the exchanges cooperated with authorities to enable the confiscation.

Do Kwon mentioned that he was surprised to learn of the rumor and does not know why they are trying to push it further. He mentioned that he does not have funds on any of the exchanges mentioned in the report and doesn’t even trade. Asides from Kwon, the Luna foundation has also come forward to rubbish the report.

Authorities are still unable to locate Terra’s co-founder

Some weeks ago, the Terra co-founder mentioned that he had not meddled with funds belonging to his company and all the funds were still safe in their confines. Interpol had already released a warrant for his arrest when he said this. In a previous statement by South Korean authorities, Do Kwon can be apprehended by authorities worldwide and transported back to the country to face charges for his crimes.

On the other hand, Do Kwon has reiterated that he is not on the run and is ready to go into talks with any government that wants to have a reasonable dialogue with him and his company. Authorities in South Korea released a warrant for his arrest over a breach of the rules guarding the markets. The warrant also indicted four more individuals. The issue started after LUNA’s collapse and its stablecoin, UST. The mishap saw investors lose more than $40 million at the time of the incident.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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