South Korean authorities are seeking the arrest of Do Kwon, co-founder and chief executive officer of Terraform Labs. His company is behind the now-collapsed terraUSD and luna cryptocurrencies. South Korean prosecutors are now seeking to freeze bitcoin linked to Kwon.
Woohae Cho | Bloomberg | Getty Images
South Korean authorities told CNBC Wednesday that they have asked two cryptocurrency exchanges to freeze more than $60 million worth of bitcoin linked to Do Kwon, the founder of the company behind two now-collapsed digital coins.
The Seoul Southern District prosecutors office said they have put in a request to crypto exchanges OKX and KuCoin to freeze some 3,313 bitcoin tied to Kwon. At Wednesday’s price, that bitcoin is worth around $62 million.
Kwon is the founder of Terraform Labs, the company behind the algorithmic stablecoin terraUSD or UST and its sister token luna.
Combined, these coins were worth around $60 billion before they collapsed in spectacular fashion in May to...
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