Report: Korean authorities order a freeze on $67M Bitcoin linked to Do Kwon

South Korean authorities have requested crypto-exchange OKX and Kucoin the to block 3,313 Bitcoin ( BTC). This is reportedly linked to Do Kwon who was cofounder of Terra blockchain developer Terraform Labs.

Kwon is currently running from Korean authorities in the Securities Violation case. He reportedly created a new account on Sept. 15 just one day after a Korean court issued a warrant for the crypto founder.

Cryptoquant reports that a new BTC wallet was created with the name Luna Foundation Guard (LFG) and 3,313 BTC were then transferred to KuCoin and OKX.

KuCoin received 1,354 BTC. These were immediately frozen after the transfer. OKX reportedly ignored authorities’ requests. The total of 1,959 BTC could not be frozen and could have been transferred to other platforms.

Cointelegraph tried to reach both crypto exchanges but did not receive a reply at press time.

Many eyebrows were raised by the movement of BTC out of the LFG wallet. This contradicts Kwon’s earlier claims that he used all of his LFG reserves of BTC to defend TerraUSD Classic (USTC).

Related: Terra cofounder Do Kwon claims he is’making no effort to hide’ after Interpol notice

Kwon claimed, prior to his arrest warrant being issued on Sept. 14, that he was not under investigation or had been contacted by authorities. This despite multiple reports about investigations in South Korea. Kwon fled Singapore shortly after his arrest warrant was issued, prompting authorities to contact Interpol for assistance.

Kwon was confirmed as a fugitive by Interpol on Sept. 26th. Kwon, however, continues to tweet despite all the evidence against him and an international notice against his.

The collapse of Terra’s $40 billion ecosystem led to a crypto market crash that cost nearly a trillion dollars. Kwon maintained support even after all the chaos, claiming his innocence and claiming he had lost everything during the collapse.

Opinion writer on 7trade7