South Korea Captures Key Terra Member, Do Kwon In Sight?

Bitcoinist

According to a report from CNBC, South Korean authorities apprehended Terra’s Head of General Affairs, Yu Mo, as part of their investigation against Do Kwon and the LUNA debacle. The suspect was captured without an arrest warrant to prevent him from fleeing the country.

Mo is one of the five individuals charged by the Seoul Southern District Prosecutors’ Office of allegedly violating the country’s capital markets law by committing fraud. Along with Do Kwon, Mo was allegedly involved in the creation, promotion, and support of the failed Terra (LUNA/LUC) ecosystem.

How To Get Free Crypto  
Win an all-expenses-paid VIP trip to the FIFA World Cup and $30,000 in exclusive prizes with Punt Casino – the Road to Qatar awaits!
5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

At its peak, this project’s market cap stood at over $40 billion and upon its collapse, it destroyed the capital of several investors, and many major companies in the crypto industry, including hedge fund Three Arrows Capital (3AC) and crypto lender Celsius Network. The Terra incident has been devasting for many betting on its success.

This has attracted the attention of authorities in South Korea determined to bring Do Kwon and other key Terra members to justice. Kwon is the main suspect, he operates as CEO of the company behind LUNA, Terraform Labs.

However, the South Korean national has been able to evade authorities in the Asian country and abroad. As Bitcoinist reported, the law enforcement agencies behind the investigation against Do Kwon and Terra issued an arrest warrant against its founder.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The warrant was extended beyond South Korean borders with the cooperation of the International Criminal Police Organization (Interpol). This agency issued a “Red Notice”, an arrest warrant enforceable by all of its members, against Kwon.

Coinbase Banner  

LUNC’s price moving sideways in today’s trading session. Source: LUNCUSDT Tradingview

Terra Co-Founder Do Kwon: “I’m In My Living Room”

The CNBC report claims that South Korean authorities are in the process of disabling Kwon’s passport and freezing Bitcoin (BTC) funds worth millions of dollars in crypto exchanges KuCoin and OKX, in order to facilitate his apprehension. The suspect was allegedly located in Singapore until weeks ago when the first arrest warrant was issued.

Do Kwon has denied the allegations, the criminal investigation, and his connection to around $100 million in BTC confiscated on the crypto exchange platform. In addition, he claims that he is making no effort to hide from law enforcement agencies. Via his Twitter account he said:

I’m writing code in my living room (…). Yeah as I said I’m making zero effort to hide I go on walks and malls, no way none of CT (Crypto Twitter) hasn’t run into me the past couple weeks.

Just yesterday he acknowledged that Tweeting about the criminal investigation might be harmful if he must defend himself in court. Nevertheless, the Terra Co-Founder believes his personal security is irrelevant to defend the “truth” of the crypto movement, he wrote:

Would probably make it much worse, but as you can see, self-preservation is not the dominant motivating factor. The crypto movement wins in truth and loses in falsehood – however this plays out I want to make sure false narratives don’t hurt an important learning opportunity

Did Do Kwon Lied About Not Using KuCoin To Hold Bitcoin?

Speaking of the truth, on-chain investigator Ergo looked into the funds attributed to the Luna Foundation Guard (LFG). These funds were the ones frozen by South Korean authorities which is another which is allegedly not controlled by Do Kwon.

FreeBitcoin Banner  

Ergo was able to connect the LFG wallet with transactions to KuCoin and OKX, the exchanges part of the investigation, and was able to determine that the funds are all tie to a single entity. Due to the amount of BTC seized, Ergo wonders why no one else has complained about their funds being confiscated on these platforms.

Go to Source
Author: Reynaldo Marquez


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.