South Korean Government Reportedly Freezes Do Kwon’s Related Digital Assets
- In his defence, Kwon has claimed that the Terra Luna and UST collapse case has been heavily politicised.
- The South Korean government is keen to formulate and administrate cryptocurrency and blockchain policies to avoid predatory economic situations.
- Do Kwon reportedly sent over 3k units of Bitcoin to crypto exchanges during the time of an arrest warrant by the South Korean government.
The South Korean government has reiterated that Do Kwon wronged its people through the Terra Luna and UST crypto project, which collapsed earlier this year. According to a South Korean media outlet, News1, the country’s prosecutors have frozen 56.2 billion won, approximately $39.4 million, in virtual assets owned by Kwon.
Notably, Kwon is on Interpol’s watch list after the South Korean government initiated a global arrest warrant with Interpol.
The South Korean media outlet announced that Kwon had lost access to almost 95 billion Won digital assets. However, Kwon has once again publicly denied the allegations of frozen cash.
“Once again, I don’t even use Kucoin and OkEx, have no time to trade, and no funds have been frozen.
I don’t know whose funds they’ve frozen, but good for them, hope they use it for good,” Kwon responded to the allegations via Twitter.
In his defence, Kwon has claimed that the Terra Luna and UST collapse case has been heavily politicised.
South Korean Government Leads the Way in Cryptocurrency Regulations
The cryptocurrency market has been embraced by global investors who seek hefty returns on investment (ROI). The South Korean government is keen to formulate and administrate cryptocurrency and blockchain policies to avoid predatory economic situations.
The Terra Luna and UST collapse has angered multiple heads of government worldwide. Furthermore, Terra Luna and UST investors lost over $40 billion earlier this year following the sudden network collapse.
A few weeks ago, the White House detailed a crypto regulatory framework to reduce scams. Moreover, billions of dollars have been either laundered or stolen through the immutability of blockchain technology.
A recent research paper from Stanford university extensively talked about the possibility and effects of enabling Ethererum transaction reversal. Per the research by the Stanford report, having the possibility of Ethererum reversal could reduce cases of scams and kill sophisticated hacks.
Mind you; stolen cash could easily be reversed by the good actors in the crypto community. Nonetheless, having reversal capabilities in the Ethererum network has significantly divided the community. Remember, the crypto market has partially gained global recognition due to its immutability.
The new proposal for Ethereum transaction reversals provides the ability for Ethereum token holders with another digital asset to contest malicious attacks and regain their funds is a huge step toward achieving blockchain efficiency.
However, the proposal may end up dividing the cryptocurrency industry into a possible hard fork like in the past with ETC.
Do Kwon reportedly sent over 3k units of Bitcoin to crypto exchanges during the time of an arrest warrant by the South Korean. Think of it from this perspective, could the Bitcoin network be supporting reversal transactions, then people could reverse their transactions while the Terra Luna network collapsed.
Meanwhile, the total cryptocurrency market cap has stabilized around $1 trillion, following the ongoing bear outlook.
I'm passionate about cryptocurrency. I began following the development of Bitcoin and other digital currencies in early 2013, and quickly became fascinated by the potential of this new technology. In the years since, I've followed the rise of the crypto industry with close attention, and written extensively on the subject. .
