South Korean authorities reportedly freeze $39M in crypto owned by Do Kwon

South Korean authorities have tightened their fists to do everything possible for finding the real culprit behind the massive collapse of Terraform Labs’ TerraUSD (UST) and LUNA. Recently, they have intensified their pressure on the company’s co-founder Do Kwon by freezing a whopping $39.4 million (56 billion won) in assets linked with the billionaire founder.

South Korean authorities intensify probe

As per a recent post by the South Korean news outlet News1, the authorities have managed to freeze around $40 million in digital assets owned by the CEO of Terraform Labs, Do Kwon.

The latest development on the matter comes after the September reports that claimed that prosecutors froze more than $65 million in Bitcoin supposedly owned by Kwon or any of his subjects. 

It is important to note that the country’s financial regulators have also requested a red notice under the control of Interpol. At the time, the Seoul Southern District Prosecutor stated:

“We have begun the procedure to replace him on the Interpol red notice list and revoke his passport… We are doing our best to locate and arrest him… He is clearly on the run as his company’s key finance people also left for the same country (Singapore) during that time.”

Notably, a few months back, the shining star of the crypto industry Terra Luna (LUNA) collapsed along with the company’s algorithmic stablecoin, resulting a massive panic situation in the space. A large number of investors lost their life savings and a few reportedly took their life as a result of the disaster. 

After this, South Korean investigators steeped in to find real cause of collapse and raided seven crypto exchanges linked with the company. It recently launched a fresh investigation on Terraform Labs.

Do Kwon has reportedly been missing from Singapore but eventually voiced his opinion in September after staying largely silent on social media in the wake of the whole Terra scandal.