Terra founder Do Kwon has described information of South Korean prosecutors freezing his $39.66 million crypto as a “falsehood.”
I do not get the motivation behind spreading this falsehood – muscle flexing? However to what finish?
As soon as once more, I do not even use Kucoin and OkEx, don’t have any time to commerce, no funds have been frozen.
I do not know whose funds they’ve frozen, however good for them, hope they use it for good 🙏 https://t.co/gSucKfqsxj
— Do Kwon 🌕 (@stablekwon) October 5, 2022
On Oct. 5, South Korean native media outlet News1 reported that the nation’s prosecutors had frozen 56.2 billion received ($39.66 million) belonging to Kwon and domiciled in two crypto exchanges, KuCoin and OKX.
Kwon, nevertheless, has described the report as “spreading falsehood,” including that he “(doesn’t) even use Kucoin and OkEx, don’t have any time to commerce, no funds have been frozen.”
The Terra founder additional mentioned:
“It’s no shock that crypto is hottest in international locations that weaponize state establishments towards their very own individuals for political achieve. Reap what you sow – revolutions begin from inside.”
Kwon denies freeze of three,313 BTCs
On Sept. 27, stories emerged that Kwon had made a suspicious switch of three,313 BTC to 2 abroad cryptocurrency exchanges after South Korean authorities issued his arrest warrant.
Then, Kwon denied these allegations. He mentioned:
“(There may be) no “cashout” as alleged, I haven’t used KuCoin or Okex in at the very least the final yr, and no funds of TFL (Terraform Labs), LFG (Luna Basis Guard), or another entities have been frozen.”
In the meantime, Terraform Labs has defended Kwon, describing the South Korean prosecutor’s arrest warrant for him as “unfair.”
Terra group pushes LUNC, USTC renaissance
The Terra group has been engaged on a number of concepts that might result in the re-peg of USTC and enhance the worth of LUNC.
A re-peg proposal submitted by Alex Forshaw, Edward Kim, and Maximilian Bryan would result in the creation of an Algorithmic Fungible Token, USTN, collateralized by 60% of Bitcoin and LUNC’s market capitalization. The proposal additionally proposes a number of enhancements to Terra’s Capital Management System (CCS).
Nevertheless, the proposal is being fiercely debated inside the group as some members have kicked towards a few of the concepts being pushed.
In the meantime, the Terra group has continued to burn the LUNC token. In keeping with Stakebin information, 6.3 billion LUNC tokens have been burnt over the past seven days. Binance revealed that it burnt 5.6 billion of LUNC on Oct. 3.
