Prosecutors Freeze 38.8 Billion KRW of Cryptocurrency Assets of Kwon Do-hyung in 'Terra·Luna Incident'

[Asia Economy Reporter Yoo Byung-don] The prosecution investigating the Luna and Terra crash incident has frozen virtual assets worth 38.8 billion KRW, including Bitcoin, presumed to be owned by Kwon Do-hyung, CEO of Terraform Labs.

The Financial Securities Crime Joint Investigation Team of the Seoul Southern District Prosecutors' Office (Head Dan Sung-han) announced on the 28th that they froze 38.8 billion KRW of virtual assets with the cooperation of one overseas virtual asset exchange, out of 95 billion KRW of virtual assets suspected to have been concealed by CEO Kwon.

The virtual asset exchange KuCoin cooperated with the prosecution and froze 38.8 billion KRW, while another exchange, OKX, reportedly did not comply with the freeze request. Currently, the virtual assets suspected to have been concealed by CEO Kwon amount to 95 billion KRW.

Earlier, after obtaining arrest warrants, the prosecution requested the Ministry of Foreign Affairs to invalidate the passports of five individuals, excluding the foreign national Nicholas Platias.

Additionally, the International Criminal Police Organization (Interpol) has issued a ‘Red Notice,’ the highest level of international wanted notice, for CEO Kwon and is focusing on securing his custody. In response, around 2 a.m. on the same day, CEO Kwon denied the allegations via social media, stating, "As I have already said, I am not trying to hide."