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Terra’s Do Kwon Denies Trying to Cash Out Bitcoin Fortune Shortly After Arrest Warrant

Wed, 09/28/2022 - 06:16
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Alex Dovbnya
Do Kwon has denied that his cryptocurrency funds have been frozen after insisting that he wasn’t on the run
Terra’s Do Kwon Denies Trying to Cash Out Bitcoin Fortune Shortly After Arrest Warrant
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Terra founder Do Kwon has denied attempting to cash out millions worth of Bitcoin after South Korea’s court issued an arrest warrant against him. 

In a tweet, Kwon slammed media outlets for spreading “misinformation” about him. 

As reported by U.Today, South Korean authorities asked KuCoin and OKX, two prominent cryptocurrency exchanges, to block 3,313 Bitcoins (roughly $61.9 million at press time). The former allegedly agreed to block roughly $27 million worth of Bitcoin, but the latter was reportedly reluctant to cooperate with the authorities. 

Kwon allegedly created a new wallet for the Luna Foundation Guard, a non-profit behind Terra, shortly after being slapped with the arrest warrant. 

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This puzzled the crypto community given that LFG used up all of these funds in an unsuccessful attempt to defend the peg of the failed TerraUSD stablecoin. 

In the tweet, Kwon insists that he hasn’t used either KuCoin or OKX in nearly a year. He insists that no funds from LFG or any other entity have been blocked by the South Korean authorities. 

As reported by U.Today, Interpol reportedly issued a red notice for Kwon, who is accused of violating South Korea’s capital-markets law. 

However, the controversial South Korean entrepreneur continues to deny that he is on the run. In a recent series of tweets, Kwon claimed that he was making “zero effort” to hide amid growing speculation about his whereabouts. 

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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