### South Korean prosecutors have accused Do Kwon, co-founder of Terraform Labs, of converting illicit funds from LUNA to Bitcoin. Kwon and his colleagues are alleged to have amassed illegal gains of 414.5 billion won ($314.2 million), with prosecutors tying roughly 91.4 billion won ($69 million) of the alleged unlawful assets to Kwon.

As part of their investigation, South Korean prosecutors have reached out to Binance to request the freezing of any withdrawals associated with Kwon. The alleged illegal conversion of funds is the reason for Kwon’s capture, not LUNA's failure. It has been identified that Kwon took out a significant amount of money.



While anyone can make mistakes, it is not illegal to drive a project to zero due to foolishness or greed. However, it is illegal to take funds siphoned from a failed project that belong to the users. This appears to be what Kwon is being accused of.



The investigation into Kwon's alleged illicit activities continues, and more information may come to light as the investigation progresses. In the meantime, the cryptocurrency industry will be watching the outcome of the case closely to see what, if any, impact it will have on the industry as a whole.

South Korean prosecutors have accused Do Kwon, co-founder of Terraform Labs, of converting illicit funds from LUNA to Bitcoin. Kwon and his colleagues are alleged to have amassed illegal gains of 414.5 billion won ($314.2 million), with prosecutors tying roughly 91.4 billion won ($69 million) of the alleged unlawful assets to Kwon.

Sat Apr 22 2023

Do Kwon Caught Red Handed? South Korean Prosecutors Discover Illegal Conversion Of LUNA To Bitcoin By Do Kwon

Ferrari to Accept Crypto Payments in the US; Plans to Include Europe Underway

Prototype Global Cryptoasset Mapping System Developed

FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

Huobi Rocked by Reports of Executive Arrests and Accusations of Customer Fund Misuse

Breaking The Chains: Introducing BRC-69, The Bitcoin Standard Without Data Restrictions

Prototype Global Cryptoasset Mapping System Developed

Sat Apr 22 2023 Do Kwon Caught Red Handed? South Korean Prosecutors Discover Illegal Conversion Of LUNA To Bitcoin By Do Kwon

Ferrari to Accept Crypto Payments in the US; Plans to Include Europe Underway

Prototype Global Cryptoasset Mapping System Developed

FTX Founder Sam Bankman-Fried Sent to Jail for Alleged Witness Tampering

Huobi Rocked by Reports of Executive Arrests and Accusations of Customer Fund Misuse

Breaking The Chains: Introducing BRC-69, The Bitcoin Standard Without Data Restrictions

Prototype Global Cryptoasset Mapping System Developed

Sat Apr 22 2023

Do Kwon Caught Red Handed? South Korean Prosecutors Discover Illegal Conversion Of LUNA To Bitcoin By Do Kwon