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Terra Founder Do Kwon Denies His Assets Were Frozen

Wed, 10/05/2022 - 15:05
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Alex Dovbnya
Terra's Do Kwon denies media reports that his cryptocurrency assets have been frozen by South Korean authorities
Terra Founder Do Kwon Denies His Assets Were Frozen
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Terra founder Do Kwon denied that his cryptocurrency assets were frozen by South Korean authorities.

Earlier today, South Korean media outlet News1 reported that local prosecutors had frozen 56.2 billion won ($39.6 million) worth of Kwon's cryptocurrency assets.

Last month, local authorities reportedly asked OKX and KuCoin, two widely used crypto exchanges, to freeze these assets.

Kwon continued to insist that he does not even use the aforementioned trading platforms since he does not have time to trade. He claimed that he would attempt to get his assets back if they were indeed frozen by the authorities.

The controversial entrepreneur went on to rant about South Korean politics, accusing the government of weaponizing state institutions "against its own people."

As reported by U.Today, Terraform Labs, the company behind the Terra blockchain, stated that the investigation was politically motivated.

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In late September, Interpol issued a red notice for Kwon. The latter allegedly fled Singapore after being slapped with an arrest warrant in South Korea. Terraform Labs has so far refused to reveal Kwon’s location, citing "physical security risks."

However, Kwon remains defiant as he continues to deny that he is on the run, puzzling the cryptocurrency community.

Last month, he also tweeted that he was "looking forward" to clarifying the truth. So far, he has been busy denying any piece of negative news about himself.

The price of Terra Classic (LUNC) token is down 4.59% over the last 24 hours, according to CoinMarketCap data.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at