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Cryptoknowmics 2022-09-28 12:12:40

Bitcoin Reserve Linked To Fugitive Do Kwon Opposes Moving Tokens

After a trail of currency movement prompted South Korean authorities to take action to seize assets, a Bitcoin reserve linked to the fallen crypto pioneer Do Kwon has denied transferring tokens. The Luna Foundation Guard (LFG) said on Twitter that it “has not created any new wallets or moved $BTC or other tokens held by LFG since May 2022.” Do Kwon’s Bitcoin Reserve The post was published after prosecutors on Tuesday tried to freeze assets connected to Kwon, an individual wanted in South Korea on suspicion of violating securities laws following the collapse of his Terraform Labs crypto ecosystem, which lost US$60 billion (RM277.08 billion). According to sources, the prosecution requested to freeze the 3,313 Bitcoins (currently worth US$67 million at current exchange rates) after transferring from a wallet connected to Kwon’s LFG to the crypto exchanges KuCoin and OKX. A response from KuCoin and OKX was not immediately available. Prosecutors have chosen not to respond to the LFG tweet. Interpol has been asked to assist South Korea in finding Kwon, whose Terra stablecoin project failed in May. After Singapore claimed earlier this month that he was no longer there, his whereabouts are unknown. On September 14, South Korean prosecutors said that a court had issued an arrest warrant for Kwon. TerraUSD Stablecoin’s Peg The primary mechanism to keep the TerraUSD stablecoin’s peg to the US dollar was a complicated combination of algor...

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