According to News1, South Korean authorities have frozen Bitcoin and other cryptocurrency assets owned by Do Kwon through two different exchanges. The total value of these assets was approximately 39.66 million dollars. Do Kwon and LFG had previously denied attempting to transfer their 3,313 BTC after an arrest order was issued for them.
“Despite the fact that the massive failure caused hundreds of people to lose their life savings, and that it would take many of them years to get back on their feet financially, Do kwon continues to act as if nothing has happened and tweets about it, karma is finally Catching up With Him” – Someone Said
The day after the arrest warrant was issued for CEO Kwon, the LFG Foundation launched a virtual asset wallet on Binance, the largest virtual asset market in the world. The wallet initially contained approximately 3313 bitcoins.
According to the legal community on the 5th, the Seoul Southern District Prosecutors’ Joint Financial Securities Crime Investigation Team, led by Director Dan Seong-han, froze an additional 56.2 billion won on the 27th of the previous month on top of the 38.8 billion won that had already been froze out of the 95 billion won worth of assets that Kwon had attempted to hide. Two separate virtual asset exchanges collaborated in order to bring about the freeze, which CEO Kwon made an effort to cover up.
As virtual assets, the money that was transferred came from the Luna Foundation Guard (LFG) Foundation. The transfer was made by CEO Kwon. The LFG Foundation was established with the CEO Kwon identified as a registered director in order to raise funds for the purpose of using them to defend the pricing of Terra and Luna. In order to maintain the price of Luna, Kwon contributed $800 million of the total $3.3 billion that he had already placed with the foundation in order to purchase Luna.