South Korea Moves To Freeze Bitcoin Tied To Do Kwon
Table of contents
Bitcoin Wallet Emerges
According to the Bitcoin price at the time of publication, the sum sent to the KuCoin and OKX wallets was equivalent to almost $66.65 million. The transactions came from a crypto wallet called Luna Foundation Guard (LFG), made on September 15, the day after Do Kwon's arrest warrant was issued for violating securities regulations.
The South Korean crypto developer founded LFG as a nonprofit entity to safeguard LUNA's price reserves. Data from the cryptocurrency data analytics platform CryptoQuant shows that from September 15 to September 18, 3,313 BTC were transferred to KuCoin, while OKX received 1,959 BTC.
Freezing The Transfers
Prosecutors asked the crypto exchanges KuCoin and OKX to freeze his funds. An employee of the Seoul Southern District Prosecutors' Office acknowledged the information but would not elaborate. Do Kwon has asserted on numerous occasions that he was in contact with government officials and was not on the run. However, a former prosecutor believes Kwon may have attempted to utilize the substantial sum of money as an evacuation fund.
The trial knows that Kwon would likely deny involvement with the Bitcoin transfer. However, investigations and limiting Kwon's access to money were taken as a priority.
