Do Kwon Denies Report That South Korean Prosecutors Froze $39.6M of His Crypto

"I don't know whose funds they've frozen, but good for them, hope they use it for good," he tweeted.

AccessTimeIconOct 5, 2022 at 12:12 p.m. UTC
Updated May 9, 2023 at 3:58 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Do Kwon, the CEO of Terraform whose failed stablecoin project rocked markets earlier this year, denied a media report that South Korean prosecutors have frozen 56.2 billion won ($39.6 million) of his cryptocurrency assets.

"I don't get the motivation behind spreading this falsehood – muscle flexing? But to what end?" Kwon tweeted Wednesday in response to CoinDesk's story summarizing the News1 report. "I don't know whose funds they've frozen, but good for them, hope they use it for good."

Last month, CoinDesk Korea reported that authorities in South Korea had asked crypto exchanges OKX and KuCoin to freeze 3,313 bitcoin (BTC), worth around $67 million, that are tied to Kwon. Also in September, Bloomberg reported that Interpol, an international organization that coordinates global searches for suspects, issued a "red notice" for Kwon. A red notice is an order to law enforcement worldwide to find and arrest a wanted person. Kwon has yet to be located.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Ian Allison

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.