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Do Kwon Denies Cointelegraph Report on $67 Million Bitcoin Withdrawal

Terraform Labs founder Do Kwon refutes claims of attempting to withdraw $67 million in Bitcoin, calling the report fake news.
Published on 2022-09-28

Do Kwon Disputes Cointelegraph's Bitcoin Withdrawal Claims

Do Kwon, founder of Terraform Labs, has denied allegations reported by Cointelegraph that he attempted to withdraw $67 million in Bitcoin. The report suggested Kwon tried to transfer 3,333 BTC to KuCoin and OKX exchanges, which were allegedly frozen. Kwon stated he hasn't used these exchanges in over a year and no funds were frozen.

Kwon's Response to Misinformation

Kwon criticized the spread of misinformation since Terra's collapse, emphasizing no funds from Terraform Labs or related entities were frozen. He clarified there was no "cashout" as reported, highlighting the inaccuracy of the claims.

Arrest Warrant and Aftermath

South Korean authorities issued an arrest warrant for Kwon and five others in September for capital markets violations. Kwon reportedly left Singapore, prompting officials to seek Interpol's help. The collapse of Terra's UST and LUNA led to a significant crypto market downturn, with UST dropping to $0.006218 and LUNA to $0.00001675.

The controversy surrounding Kwon continues as the crypto market struggles to recover from the fallout.

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