Do Kwon Refutes the Claims of Alleged BTC Transfer

Do Kwon Refutes the Claims of Alleged BTC Transfer
  • Do Kwon asserts he had no participation in the alleged transfer of 3,310 BTCs to KuCoin and OKX.
  • South Korean authorities recently asked Interpol to issue a red notice on Kwon.

Do Kwon, the founder, and CEO of Terraform Labs rejects controversies regarding the recent cashout allegations. In the latest tweet, Do Kwon claims that there is no involvement in the purported transfer of 3,310 Bitcoins (BTC) to the cryptocurrency exchanges such as KuCoin and OKX, from a wallet owned by Luna Foundation Guard Ltd. 

Recently, the South Korean authorities have requested KuCoin and OKX exchanges to freeze roughly 3,313 BTC, which was transferred from a wallet owned by Luna Foundation Guard (LFG) to the exchanges. Following this, both exchanges have frozen 1,354 and 1,959 BTC that are allegedly linked to Kwon, as per South Korean prosecutors. 

The Ongoing Dispute

South Korean authorities recently asked the International Criminal Police Organization (Interpol) to issue a red notice on Do Kwon, in connection with the capital loss of $40 billion of the investors. Following this, Interpol ordered law enforcement agencies globally to find and imprison the founder of Terra, according to the reports.

The prosecutors asserted that Kwon is suspected of defrauding investors in South Korea. Under this, Kwon and five other people have been charged with various offenses, including breaking the capital markets law. 

Earlier this year, Do Kwon moved to Singapore from South Korea. The authorities recently requested to withdraw Do Kwon’s passport and declared that he was “on the run.” However, it is currently unknown where he is. 

Following this, Do Kwon tweeted

I am not “on the run” or anything similar – for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide.

In response to the $40 billion lost by investors due to the collapse of the Terra cryptocurrency LUNA and the alleged stablecoin TerraUSD (UST), the investigators opened an inquiry into Kwon and his team. 

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