The founder of TerraForm Labs claimed that reports are spreading false information against him and also confirmed that no one froze his money.
Do Kwon is the Founder of Terraform Labs, which is a developer team of Terra blockchain. Initially Terraform labs Launched Terra blockchain with Luna & TerraUSD stablecoin but both of these two coins collapsed badly in May of this year under extreme volatility in the crypto industry. Later team launched a new Luna coin, which is not getting better support in the crypto space because of past failure of the team with two tokens.
On 5 October, Popular local S Korean news media outlets reported that prosecutors of South Korea seized 56.2 billion won ($39.66 million) in crypto assets from Kucoin and OKEx crypto exchanges.
Reports claimed that seized funds were owned by Terraform Labs founder Kwon.
On the same day, Kwon responded on Twitter and confirmed that he doesn’t hold his funds on the mentioned crypto exchanges, and also he doesn’t have time to trade crypto assets and also seized funds were not owned by him, so all the reports regarding this matter are false.
Earlier this, Kwon said that he is cooperating with all the government agencies, which are trying to communicate with him regarding the Terra project collapse but later a separate official statement by the Korean prosecutors claimed that Kwon is getting out of the case.
Once in the past, Kwon said that he did nothing wrong with anyone and everything was only a part of an accident, which was a very bad situation for the investors.