South Korean authorities freeze Do Kwon’s crypto assets worth $ 39 million

South Korean prosecutors continue to put pressure on Terraform Labs after the company’s collapse. This time, law enforcement officials managed to freeze another 56 billion won (approximately $ 39.4 million) of assets related to Terraform Labs CEO Do Kwon. Earlier in September, it was reported that the authorities froze BTC worth more than 65 million.

The reaction of the odious Do Kwon was not long in coming. «I don’t understand the motivation for spreading this lie — a muscle game? But to what end? … I don’t know whose funds have been frozen, but I hope they use it for good,» Kwon wrote on Twitter.

I don’t get the motivation behind spreading this lie — muscle flexing? But to what end?

Once again, I don’t even use Kucoin and OkEx, have no time to trade, no funds have been frozen.

I don’t know whose funds they’ve frozen, but good for them, hope they use it for good? https://t.co/gSucKfqsxj

— Do Kwon (@stablekwon) October 5, 2022

It is worth reminding that shortly after Interpol issued a «red notice» to law enforcement agencies for the arrest of Terraform Labs co-founder Do Kwon, 3313 BTC were moved from the Binance wallet Luna Foundation Guard (LFG) to the cryptocurrency exchanges Kucoin and OKX. However, Do Kwon himself denies any involvement in the mysterious bitcoin withdrawal. As he does now, the CEO of Terraform Labs emphasized at the time that Luna Foundation Guard and Terraform Labs' funds were not frozen.

According to a representative of Luna Foundation Guard, the platform did not transfer bitcoins or any other crypto assets after the May collapse of Terra (LUNA). South Korean law enforcement agencies assume that the founder of Terraform Labs created a new wallet at LFG and allegedly transferred cryptocurrency to the balance of the above exchanges.