HomeCryptoTerraform Labs Co-Founder and CEO Do Kwon Denies Report Of Frozen Bitcoin...

Terraform Labs Co-Founder and CEO Do Kwon Denies Report Of Frozen Bitcoin Worth $39.6 million

Photo Credit: Bloomberg

Don Kwon has denied recent media report that South Korean prosecutors have frozen 56.2 billion won — equivalent to $39.6 million — of his cryptocurrency assets.

What happened: On Sept. 5, a South Korean media outlet News1 reported that Seoul Southern District Prosecutors’ Joint Financial Securities Crime Investigation team had frozen $39.6 worth of crypto assets belonging to the CEO, in addition to the already frozen $27.5 million out of $67.4 million which Kwon had attempted to hide.

It was reportedly that South Korean authorities had requested two crypto exchanges OKX and KuCoin to freeze 3,313 Bitcoin (CRYPTO: BTC) tied to Kwon.

In response to a tweet by CoinDesk summarizing the News1 report, Kwon labeled the news false and denied his funds being frozen.

“I don’t get the motivation behind spreading this falsehood- muscle flexing? But to what end?” says Kwon’s tweet. “Once again, I don’t 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,” added Kwon.

Kwon has been in the media spotlight after his blockchain network collapsed when the stablecoin TerraUSD and the network’s token Terra took a nosedive, wiping over $40 billion of investors’ money in a course of one week.

Last month, Interpol issued a Red Notice for the Terraform Lab Co-Founder and CEO, according to a Bloomberg report. However, Kwon maintains that he is not on the run despite that his location is unknown. Some thought that he was in Singapore, where he normally resides, but Police in the country have confirmed that he is not there.

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