Prosecutors in South Korea are taking steps to seize assets connected to Do Kwon, a cryptocurrency entrepreneur they want to detain on suspicion of violating securities rules. A total of 3,313 <a href="https://www.cryptoknowmics.com/news/jpmorgan-ceo-says-bitcoin-is-a-decentralized-ponzi-scheme/" target="_blank" rel="noopener">Bitcoins</a>, worth approximately $67 million at the current exchange rate, had been sent from a wallet connected to Kwon's Luna Foundation Guard, according to a report on Tuesday.
<h2>Bitcoin Wallet Emerges</h2>
According to the Bitcoin price at the time of publication, the sum sent to the <a href="https://www.cryptoknowmics.com/news/can-i-trade-crypto-on-kucoin-is-kucoin-legal-to-trade-in-the-us/" target="_blank" rel="noopener">KuCoin</a> and <a href="https://www.cryptoknowmics.com/news/okx-exchange-launched-the-most-profitable-staking-of-shib/" target="_blank" rel="noopener">OKX</a> wallets was equivalent to almost $66.65 million. The transactions came from a crypto wallet called Luna Foundation Guard (<a href="https://lfg.org/" target="_blank" rel="nofollow noopener">LFG</a>), 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.
<h2>Freezing The Transfers</h2>
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 <a href="https://www.cryptoknowmics.com/news/do-kwon-says-he-is-not-hiding-as-the-crypto-search-intensifies/" target="_blank" rel="noopener">was not on the run</a>. 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.

South Korea Moves To Freeze Bitcoin Tied To Do Kwon

Prosecutors in South Korea are taking steps to seize assets connected to Do Kwon. They want to detain him on suspicion of violating securities rules.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

South Korea Moves To Freeze Bitcoin Tied To Do Kwon

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