The Seoul Southern District Prosecutor’s Office of Korea has requested Binance to freeze cryptocurrency believed to be owned by Terraform Labs CEO Do Kwon. The prosecution has requested that the freeze action be taken as soon as possible once it is confirmed that the cryptocurrency is related to Kwon.
According to an official from the prosecutor’s office, the cryptocurrency in question was changed to a coin with high versatility, such as Bitcoin, Ethereum, and Tether (USDT), and appears to have been stolen from overseas exchanges, including Kwon’s. The prosecution suspects that Kwon attempted to conceal approximately 72 million USD in cryptocurrency in October of last year and had previously obtained cooperation from two other crypto exchanges, Kucoin and OKEx, to freeze the assets.
Do Kwon is a well-known figure in the crypto industry and is the CEO of Terraform Labs, the developer behind the Terra blockchain. Terraform Labs has attracted attention in the industry with its stablecoin, UST, which is backed by a basket of assets that are pegged to the US dollar.
The news of the prosecution’s request to freeze Kwon’s crypto assets has caused concern in the industry, with some investors worried about the implications for the future of cryptocurrency in Korea. Despite the concerns, however, it is important to note that the prosecution has yet to confirm that the frozen cryptocurrency is indeed owned by Kwon, and the investigation is ongoing.
Binance, for its part, has reportedly cooperated with the prosecutor’s office and provided some data related to the cryptocurrency in question. It remains to be seen, however, whether Binance will ultimately freeze the assets.
Read more:
- Do Kwon Faces Over 100-Year Sentence In US, 40-Year Sentence In Korea
- Do Kwon Faces Transfer To Cramped Detention Area Only 8 Square Meters About 10 People With No Beds