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Breaking: 3,313 Bitcoin Linked To Fugitive Terra Cheif Seized? S. Korea Widens Probe

Manoj Nair



Terra Cheif

Former Terra Chief’s problems continue to increase. After the Red Corner Notice issued by Interpol, the South Korean authorities intend to widen their investigation against the alleged crypto fugitive whose actions have triggered a massive crypto meltdown and a loss of nearly 62 billion to the crypto sector.

As per reports from South Korea, prosecutors are enforcing a freeze on all digital assets linked to the former Terra chief. However, sources say that the authorities want to physically detain Do Kwon, who they suspect of breaking securities laws.

In a step in this direction, the South Korean authorities have directed crypto exchanges KuCoin and OKX to confiscate around 3,313 Bitcoin linked to Fugitive Terra Cheif. The estimated value of Bitcoins stood at  $66.9 million.

The Bitcoin was traced to have been moved from various sources to a Luna Foundation Guard (LFG) wallet. Further details were unavailable since Seoul Southern District officials refused to disclose the plan and KuCoin and OKX officials declined to comment on the matter. 3,313 Bitcoins were sent from the LFG to different crypto exchanges soon after South Korea issued an arrest warrant against Do Kwon.

Terra Cheif Absconding From Probe?

In a tweet earlier, Fugitive Terra Cheif said that he is not absconding and is making no effort to hide. Do Kwon said he is leading an everyday life and has not been approached by an official in the past few weeks. Do Kwon also stated that he tried to search the red notice on Interpol’s website?

However, this is the first time that Seoul Southern District Prosecutor and Securities Crimes Joint Investigation Team took a step to seize Do Kwon’s digital assets. Do Kwon, the absconding former co-founder of Tera is indicted for precipitating the worst crypto winter of all time,s and the crypto sector lost $62 billion.

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