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Elusive Do Kwon denies $60 million bitcoin cashout claims

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Terraform Labs founder Do Kwon has taken time out from searching his own name on Interpol’s website to refute allegations that he tried to cash out more than $60 million worth of bitcoin a day after a South Korean court issued an arrest warrant for him.

The 31-year-old developer was accused of fraud by a number of investors after his cryptocurrencies Luna and TerraUSD collapsed in May. He’s since been extremely difficult to track down, despite denying he’s gone into hiding and claiming he’ll cooperate with any investigation.

On Tuesday, it was reported that authorities had asked crypto exchanges OKX and KuCoin to freeze more than 3,300 coins after Kwon created a new wallet and started to move vast quantities of crypto on September 15.

However, the elusive crypto founder hit back almost immediately, claiming that not only was there no attempted cashout but that he’s not used either of the exchanges in question during the past year.

The allegations were also refuted by the Luna Foundation Guard (LFG), which tweeted that it “hasn’t created any new wallets or moved $BTC or other tokens held by LFG since May 2022.”

Despite Kwon and LFG protesting their innocence, KuCoin has indeed frozen some 1,354 bitcoin worth around $26 million. OKX has, however, failed to comply with authorities, leaving  1,959 coins ($37 million) unaccounted for.

Kwon doesn’t know how Interpol works

In spite of the accusations, arrest warrants, and even a red notice from Interpol, Kwon insists he’s going about his life as normal, freely announcing via Twitter that he’s going for walks, visiting malls, and writing code in his living room.

He also seemed to doubt the validity of the red notice against him, pointing out that it doesn’t show up when he does a public search on Interpol’s website. This, however, looks to be something of a misunderstanding on his part, as the agency keeps around 90% of its red notices private.

A red notice isn’t an arrest warrant. It simply means that a person’s details have been forwarded to 195 member nations who then decide how they wish to handle the individual.

For more informed news, follow us on Twitter and Google News or listen to our investigative podcast Innovated: Blockchain City.

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