For months now Do Kwon has tried to garner support in the court of public opinion by discussing how he has lost everything with LUNAs collapse but that he is also not running from authorities and is working with them. Apparently, authorities and Do Kwon have a different definitions of what cooperation means as we have seen several instances of government action against Kwon that would not be necessary if they knew where he was and if he was working with them. The prime example of this is South Korea asking for Interpol to issue a Red Notice on Kwon. A Red Notice is only issued for fugitives and is a request that law enforcement from the local level to the federal level arrest the person in question (Kwon).
This has not been the only thing as last week the public found out that South Korean authorities were looking at canceling his passport. By doing this whatever country he was in would deport him back to South Korea where he can answer questions or possibly be arrested. Authorities in South Korea have already accused Kwon and five other people of violating capital market laws and committing fraud with Terraform Labs. Given the sheer size and collapse of the crypto and thus companies it does stand to say that odds are some law was violated during this rough time. One person that the authorities were looking for has already been arrested. Much like the other court systems in the West if someone is thought to be preparing to flee the country they can be arrested and held for a brief time while an arrest warrant is issued.
Even though he has declined it South Korean authorities have stated that they have frozen $39.9 million in digital assets belonging to Kwon. Not only that but they have also requested KuCoin and OKX, two exchanges, that they freeze an additional 3,310 Bitcoin worth roughly $60 million. The Luna Foundation Guard, a foundation formed to promote the Terra blockchain, has declined that these 3,310 Bitcoin were sent in September however analytics platform CryptoQuant has stated otherwise saying that they have traced the wallet back to Luna Foundation Guard.
With the way that this is shaping up, I expect to see a Netflix documentary made about this situation ASAP. It is not every day you see an entity worth $60 billion implode as quickly and with the devastating effects that Terraform Labs did. Adding in how Do Kwon acted both before the implosion and then after it only adds to the intrigue for a documentary. At the end of the day Do Kwon needs to be held accountable and honestly stop lying to the industry and probably regulators. The blockchain allows us to track transactions and while it may take time eventually the truth will come out.
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