The Terra saga continues to unfold, with a new chapter added to it this week. Authorities in South Korea have taken action to freeze Bitcoin worth $60 million, which they believe is connected to Do Kwon.

The authorities had reached out to crypto exchanges OKX and KuCoin and requested them to block 3,313 Bitcoins, which is valued at $62 million at the time of writing, as they believe it belongs to the co-founder of Terra.

Kwon’s denial

Interpol had also issued a red notice for the Terraform Labs founder this week because of the role he played in the collapse of the Terra ecosystem.

However, Kwon said on Twitter that this report was nothing more than ‘misinformation’ and he also stated that he had not made use of any of the two exchanges mentioned in almost a year.

Prosecutors have refused to disclose the reason they believe that the bitcoin in question is linked to the fugitive.

However, CryptoQuant, the analytics platform, disclosed that the funds were transferred on September 15th by the Luna Foundation Guard (LFG).

This was a day after an arrest warrant had been issued for Kwon by the authorities in South Korea.


Luna Foundation Guard is based in Singapore and the organization was established for supporting the expansion and growth of the Terra ecosystem.

The members of LFG include Nicholas Platias, the head of research at Terra, Kanav Kariya, the president of Jump Crypto, Remi Tetot, the co-founder of media outlet Real Vision, Jose Maria Macedo, the partner at Delphi Digital and Kwon himself.

However, LFG also denied claims of setting up a new wallet for transferring any crypto, including the said Bitcoin. It said that it had not moved any crypto since May.

Apart from that, the organization also shared its Bitcoin wallet address and CryptoQuant responded that this was a public wallet.

This implied that the organization also has a private wallet. As far as the suspicious timing of the transfer is concerned, Kwon said that they had never made any attempt to ‘cashout’.

Not hiding

Even though Interpol has issued a red notice against him and the Korean authorities have issued a warrant for his arrest, Kwon continues to insist that he is not on the run or hiding from anyone.

Authorities had thought that the beleaguered founder was located in Singapore, but earlier this month, the local police had stated that this was not true.

Officials have also made attempts to void Kwon’s South Korean passport. Twitter users asked Kwon about his location and he said he was coding in his living room.

He also added that he goes out to visit the mall and for walks and had made no effort to hide. He is wanted because of his association with the Terra ecosystem.

The TerraUSD (UST) algorithmic stablecoin and the LUNA token had collapsed back in May, thereby wiping out a total value of $60 billion from the market that resulted in massive losses for many.