World: South Korea freezes Bitcoin for 64 million-Terra co-founder Do Kwon on the run

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After the spectacular collapse of the algorithmic stable coin Terra and the sister currency Luna, Terraform founder Do Kwon is now on the run from the authorities. In this context, the South Korean authorities recently prompted the freezing of bitcoins worth $ 64 million.

Mario Vedder/Getty Images © provided by Finanzen.net Mario Vedder/Getty Images

• Terra collapse leads to great faults on the crypto market

• Co-founder Do Kwon is sought by the South Korean authorities

• South Korean public prosecutor's office. Do Kwon is one of the co-founders of the crypto company Terraform Labs, which is behind the algorithmic stable coin

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Terra/Luna

. The alternative cryptocurrency saw the light of day in January 2018 and enjoyed great popularity within a very short time. It reached a market capitalization of around $ 64 billion before the shock passed in May this year: the stablecoin, which was supposed to always reflect the value of the US dollar , broke together and became almost worthless. The collapse sent shock waves through the entire crypto verse and resulted in the bankruptcy of several other crypto companies. Not to forget that numerous small investors lost their entire savings in the course of the collapse. do Kwon by South Korean authorities All of this has meant that Do Kwon is now being sought by the South Korean authorities. In mid-September, an arrest warrant against the former Terraform Labs boss was issued for violations of the capital market law. As reports CNBC, however, the crypto enthusiast is on the run, which is why an "Red Notice" would now have been issued by Interpol for the Terra co-founder. According to the Tagesschau, a "red notice" is "a request, to determine the whereabouts of a specific person and to arrest them for the time being." However,

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Do Kwon itself has already denied via

Twitter

that he is on the run. So he said that he was ready for all government officials who wanted to speak to him and that he had nothing to hide.

I am not "On the Run" Or anyding Similar - For Any Government Agency That Has Shown Interest to Communicate, We Are In Full Cooperation and We Don't have anything to hide

- Do Kwon (@stabkwon)

September 17, 2022

thousands of bitcoins are to be frozen In addition to the international search for the Terraform Labs co-founder, the South Korean authorities have now also passed to freeze do Kwon's assets. As CNBC reports, representatives of the South Korean public prosecutor asked the two crypto trading places Kucoin and OKX to freeze a total of 3,313

Bitcoins

with a value of around $ 64 million. According to the authorities, these are connected to Do Kwon, which justifies the Freeze, but the public prosecutor did not comment on how the connection to the Terra co-founder would have been determined. , however, indicate data from the crypto analysis company Cryptoquant, according to CNBC, that the Luna Foundation Guard, an NGO that was launched to apply for the Terra-Blockchain Labs, set up a wallet on September 15 and 3,313 Bitcoin to Kucoin And Okx would have sent, only one day after the arrest warrant against Do Kwon was issued.

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As Coindesk writes, 1,354 BTC had arrived at the KRYPTO exchange Kucoin, which the company would have frozen immediately. Okx, however, would not have done this, which is why 1,959 bitcoins could have been transferred to other stock exchanges. However, the Luna Foundation denied that they had set up a new BTC wallet via Twitter and at the same time published its own wallet address, whereupon Cryptoquant claimed that it was only "the public [wallet]".

That's the Public One.

- cryptoquant.com (@Cryptoquant_com)

September 28, 2022

also do Kwon rejected the claim on Twitter that he could try to bring bitcoins to safety. He says he hasn't used the two crypto exchanges in question for a long time. In addition, he also denied that some assets had been frozen by him, Terraform Labs or the Luna Foundation. CNBC had also asked for clarity in the crypto trading places Kucoin and OKX, which, however, had covered with the reference to ongoing investigations.

World will be forced into coexistence with nuclear-armed N Korea .
North Korea expert Ankit Panda says that despite recent developments there’s little chance for a revival in diplomacy.The timing of that test is the million-dollar question that government leaders, military planners, and people on the Korean Peninsula and beyond are asking of Kim Jong Un — North Korea’s 38-year-old “supreme leader” whose finger is on the button.

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