Do Kwon, CEO of Terraform Labs, has denied reports of his connection to $39.6 million in cryptocurrencies that have been blocked by the South Korean authorities.
The Korean edition of News1 reported on October 5 that 56.2 billion won, allegedly belonging to Do Kwon, had been frozen by authorities.
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He has explained:
"I don't get the motivation behind spreading this falsehood - muscle flexing? But to what end? Once again, I don't even use Kucoin and OkEx, have no time to trade, no funds have been frozen. I don't know whose funds they've frozen, but good for them, hope they use it for good."
News1 has reported these platforms have frozen 3,313 BTC associated with Luna Foundation Guard (LFG) at the request of authorities, which both the organization and Do Kwon have denied.
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Media outlets have previously reported on the movement of 3,313 BTC from the LFG's Binance wallet to the KuCoin and OKX platforms between September 15 and 18.