The co-founder of Terraform Labs denied the information about the cashing out of a huge batch of bitcoins in the amount of $67 million after the issuance of a warrant for his arrest by the South Korean authorities.
Two weeks ago, on September 14, South Korean law enforcement issued an arrest warrant for Do Kwon, accusing him of violating capital markets laws. The court concluded that the collapse of the approximately $40 billion Terra ecosystem led to a massive drop in the cryptocurrency market, from which almost $1 trillion was withdrawn.
Recently became knownthat Kwon tried to cash out 3,313 bitcoins worth $67 million. To do this, he created a new bitcoin address called Luna Foundation Guard (LFG), after which he transferred bitcoins to the KuCoin and OKX trading platforms. The KuCoin exchange received 1354 BTC, which were immediately frozen. OKX ignored the authorities’ requests, so the remaining funds could be moved to other platforms, the journalists wrote.
Kwon reacted to the media posts on his Twitter, surprised at how many people were spreading false information about him after the collapse of Terra. The businessman stated that he did not make any attempts to withdraw bitcoins and did not use the aforementioned KuCoin and OKX exchanges for at least a year. Kwon added that funds held by Terraform Labs, the Luna Foundation Guard, or any other related organizations have not been frozen.
What has been probably the most surprising in all this is the amount of misinformation that gets spread.
There is no “cashout” as alleged, i havent used kucoin or okex in at least the last year, and no funds of tfl, lfg or any other entities have been frozen. https://t.co/E1cbKgoqQz
— Do Kwon 🌕 (@stablekwon) September 28, 2022
Now Kwon is wanted by international law enforcement agencies at the request of Interpol. At the same time, the co-founder of Terraform Labs claims that he is not hiding from the authorities and does not consider himself guilty in this situation.
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