Scandal Terra (LUNA): Do Kwon up against the wall, $ 66 million in bitcoins frozen

He too will have lost his cryptos – The disaster of the fall of the stablecoin UST of the project Terra (LUNA) continues to hurt the cryptocurrency industry. While its founder on the run, Do Kwon, is under an Interpol red notice we learn this time that the bitcoins (BTC) of the interested party will be frozen at the request of South Korea.

Everyone has to pay for Terra’s broken pots, even Do Kwon

In May 2022, the stablecoin TerraUSD (UST) fell sharply from its peg to the US dollar. More $3 billion reserve in bitcoin have purely been vaporized in the vain hope of redressing this disastrous situation.

But, the main founder of the Terra project could also lose big in that case. As the revealed including Bloomberg, Do Kwon could very soon see own bitcoins be seized by South Korean justice.

The prosecutors in charge of the Terra case have, in fact, sent a legal request to the crypto-dungs KuCoin and OKX. This in order to freeze 3,313 bitcoins who are believed to be linked to Do Kwon and the Luna Foundation Guard (LFG). At the current price, there would be enough there for the equivalent of a little more than 66 million dollars.

If on his side Do Kwon pretends not to be on the run, he does not seem to do anything to collaborate with the justice of South Korea. If these BTCs are indeed frozen by the exchange platforms concerned, the founder of Terra will have, in any case, significantly less room for maneuver.

While Do Kwon is playing hide and seek with the South Korean authorities and Interpol, keep your cryptos warm while waiting for the end of winter in the markets. Join AscendEX today and generate passive income with Earn (commercial link).

John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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