South Korea Frozen Do Kwon’s Virtual Assets Worth 56.2 Billion Won

Two virtual asset exchanges worked together to freeze Do Kwon’s assets after he was detected attempting to hide them.

Prosecutors have blocked an additional 56.2 billion won in assets belonging to Kwon Do-hyeong, the CEO of Terraform Labs, according to local media reports. This implies that Kwon cannot access the majority of his 95 billion won in concealed assets.

CEO Do Kwon transferred virtual assets from the Luna Foundation Guard (LFG). The LFG, of which Do Kwon is a director, was formed to gather cash to protect the prices of Terra and Luna. To cover the price, $800 million of the $3.3 billion Kwon put with the foundation in the past was utilized to purchase Luna.

Following the issuance of Do Kwon’s arrest order on the 14th of last month, the LFG established a virtual asset wallet on Binance, the world’s biggest crypto exchange, and put around 3313 Bitcoins into it.

On the 15th and 18th of September, roughly 38.8 billion won was moved from Binance to Kucoin, another virtual asset exchange, and approximately 56.2 billion won was transferred to OKX.

At the request of the prosecution, KuCoin and OKX replied to Kwon’s virtual asset freezing. Previously, on July 27, the International Criminal Police Organization (Interpol) issued red notice order for Do Kwon.

The Terra Founder replied to the new claim and was fast to answer the present issue at press time. He stated:

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