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.

By Ian Allison

Oct 5, 2022 at 12:12 p.m. UTC

Updated Oct 6, 2022 at 7:15 a.m. UTC

Ian Allison

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

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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.

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