South Korea has asked KuCoin and OKX to free the Bitcoin that was tied to Do Kwon by Terra, according to all details

South Korea has asked KuCoin and OKX to free the Bitcoin that was tied to Do Kwon by Terra, accordin ...

Prosecutors in South Korea have decided to freeze the assets of Do Kwon, the crypto entrepreneur they are seeking to arrest based on suspicion of violating securities laws.

Prosecutors sent requests to cryptocurrency exchanges KuCoin and OKX to freeze a total of 3,313 Bitcoins, valued at roughly Rs. 546 crore at current prices, that had been transported to the venues from a wallet linked to Kwon''s Luna Foundation Guard, according to CoinDesk on Tuesday. An official at the Seoul Southern District Prosecutors'' Office confirmed the CoinDesk story while he declined to comment further.

Representatives for KuCoin and OKX did not respond immediately to requests for comments.

South Korea has sought help from Interpol in locating Kwon, who splintered in May, covering an estimated $60 billion (roughly Rs. 4,89,000 crore) among its victims. After Kwon''s earlier this month stated he''s no longer there.

On Monday, Kwon, a 31-year-old, tweeted that he''s no longer making much effort to hide, adding that I go on walks and malls, without revealing his actual location.

According to CryptoQuant, a new wallet address was created on September15; after that, a total of 3,310 Bitcoins were transferred from the wallet to KuCoin and OKX, according to CryptoQuant. According to South Korean prosecutors on September 14, a court had issued a warrant for Kwon''s arrest.

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According to the researcher, CryptoQuant referred to new Bitcoin addresses as owned by LFG based on transaction patterns, adjacent flows, and material non-public information.

The TerraUSD stablecoin''s bond to the US dollar was mainly maintained through a wide array of algorithms and trader incentives involving its sister token Luna. Kwon had established the LFG earlier in the year as a safeguard, accumulating a reserve of cryptocurrency that might be used in situations of stress.

According to Elliptic, the LFG purchased $3.5 billion (roughly Rs. 28,553 crore) of Bitcoin between January and March. Both organizations said they''d spent nearly half the reserve to try to stabilize TerraUSD and Luna.

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