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Tuesday, June 18, 2024

Bitcoin frozen, passport cancelled? Can Do Kwon “escape”?

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According to the Korean media “News1” , Terra founder Do Kwon is suspected of hiding as many as 3,313 bitcoins worth more than $66 million, all of which have been frozen by South Korean prosecutors. In this regard, Do Kwon issued a document denying the report, saying that he did not have any funds frozen, and he had no time to trade cryptocurrencies.

Shortly after South Korean prosecutors issued an arrest warrant against Do Kwon last month, they discovered that as many as 3,313 bitcoins had been transferred from Luna Foundation Guard (LFG) wallets to two cryptocurrency exchanges outside South Korea, according to the current currency. In price conversion, this batch of bitcoins is worth about $66.59 million.

Prosecutors in South Korea determined that the transactions were most likely done by Do Kwon and accused Do Kwon of trying to hide the assets. To this end, the Financial Securities Crime Joint Investigation Team of the Seoul Southern District Prosecutor’s Office has frozen 1,354 bitcoins transferred to Kucoin last month, and recently further frozen 1,959 bitcoins transferred to OKX.

In response to the above report, Do Kwon posted on Twitter on the evening of the 5th (5th) , denying that the funds were frozen.

Again, I am not using KuCoin or OKEx (OKX) at all, I have no time to trade and no funds are frozen. I don’t know whose funds they froze, but they are happy and hope they make good use of the funds.

On the other hand, Luna Foundation Guard also denied these reports.

Do Kwon ordered to return passport

Meanwhile, South Korea’s foreign ministry on October 5 ordered Do Kwon to return his passport within 14 days. If he fails to return it within the time limit, his passport will be automatically cancelled. This means that Do Kwon, whose whereabouts are currently unknown, is likely to be rejected even if he wants to apply for a replacement passport, making it even more difficult to travel to other countries.

Now, the International Criminal Police Organization (Interpol) has officially issued a “Red Notice” to launch a global hunt for Do Kwon . Can Do Kwon, who now denies that his funds have been frozen, can get out of his embattled predicament with his incorruptible tongue? We will wait and see

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