LUNA Founder Do Kwon Reacts To $40M Frozen, Says: “Good”

Following an arrest warrant issued by the Seoul Southern District Prosecutor’s Joint Monetary Securities Crime Investigation Workforce, authorities in that nation moved on to freeze the property of Terra (LUNA) founder Do Kwon. Up to now, crypto exchanges have frozen round $100 million from these platforms.

The investigation and manhunt for the LUNA Founder are being carried out by parts in South Korea with cooperation from the Worldwide Prison Police Group (Interpol). Per week in the past, the worldwide felony enforcement company issued a “Crimson Discover”, an arrest warrant enforceable by any Interpol member, towards Do Kwon.

The confiscated funds have been linked to the LUNA founder through the Luna Basis Guard (LFG), an entity created to guard the value of the failed stablecoin TerraUSD (UST). The funds have been primarily in Bitcoin, amounting to over 8,000 BTC, and maintain by a pockets on crypto exchanges OKX and KuCoin.

Do Kwon Deny Accusations, Not His Bitcoin?

Through his private Twitter account, the CEO of Terraform Labs and LUNA founder has denied the accusations. On a number of events, Do Kwon has responded to the arrest warrant and the confiscation of funds belonging to the LFG by claiming that there isn’t a investigation towards him.

When Interpol issued the “Crimson Discover”, Kwon replied with a display seize from the worldwide police company’s web site displaying that his title was not current. Talking about his whereabouts, the LUNA founder mentioned:

I’m writing code in my lounge (…). Yeah as I mentioned I’m making zero effort to cover I am going on walks and malls, no approach none of CT (Crypto Twitter) hasn’t run into me the previous couple weeks.

Now, the LUNA Founder denied as soon as once more that there are any funds attributable to him on OKX and KuCoin. Kwon claims he isn’t a person of those trade platforms, and added:

As soon as once more, I don’t even use Kucoin and OkEx, haven’t any time to commerce, no funds have been frozen. I don’t know whose funds they’ve frozen, however good for them, hope they use it for good.

The place Is Do Kwon? LUNA Founder May Present Solutions

As Bitcoin reported, Kwon has been accused of allegedly violating South Korea’s safety legal guidelines by selling an alleged safety, cryptocurrency LUNA, and stablecoin UST. Kwon has hinted that the South Korean authorities may be “weaponizing state establishments” for their very own profit.

At its excessive, the full market cap for LUNA and UST surpassed $40 billion. When these digital property collapsed and traded near $0, a variety of customers misplaced their funds, and the guilt was pointed to Terraform Labs and Kwon. The case gained a variety of consideration in South Korea.

Thus, why the LUNA Founder claims that the nation’s authorities is making an attempt to construct a case towards him. In an interplay with reporter Laura Shin, Kwon emphasised this level and acknowledged that his Tweets in regards to the investigation may backfire if he have been to face prices in courtroom.

Nevertheless, Kwon is allegedly defending an vital a part of the “crypto motion”, a trigger that he claims is vital sufficient to omit his personal security. Through the social community he mentioned:

Would most likely make it a lot worse, however as you’ll be able to see, self-preservation isn’t the dominant motivating issue. The crypto motion wins in reality and loses in falsehood – nevertheless this performs out I need to make certain false narratives don’t damage an vital studying alternative

Shin invented Kwon for an interview on her program “Unchained Podcast”, the Terraform Labs CEO accepted the invitation and would possibly present extra solutions across the case, his whereabouts, and his general perspective.

On the time of writing, LUNA (LUNC) trades at $0.0002 with a 5% loss within the final 24 hours.