Terra LUNA Do Kwon Lashes Out at Fake Reports About Frozen Funds

Korean prosecutors have reportedly frozen $40 million of funds Kwon had attempted to conceal on crypto exchanges KuCoin and OKX.

The seizure reportedly occurred with the help of the two crypto exchanges, with whom Kwon claims he had no business dealings.

Kwon lashed out at what he calls “falsehood,” questioning the motive behind the reporting. He also added that he has no time to trade:

I don’t get the motivation behind spreading this falsehood – muscle flexing? But to what end?
Once again, I don’t even use Kucoin and OkEx, have no time to trade, no funds have been frozen.
I don’t know whose funds they’ve frozen, but good for them, hope they use it for good 🙏 https://t.co/gSucKfqsxj
— Do Kwon 🌕 (@stablekwon) October 5, 2022

According to Korean prosecutors, the frozen funds belong to the Luna Foundation Guard, a pool of BTC and other funds used by Kwon and Terraform Labs to defend the peg of the TerraUSD stablecoin.

When a South Korean court issued an arrest warrant for Kwon on Sep. 14, 2022, the Luna Foundation moved 3,313 BTC to a Binance wallet. After that, approximately $27 million was transferred to KuCoin, while an additional $40 million was moved to OKX. According to reports, both exchanges froze funds at the request of South Korean prosecutors