Terra founder Do Kwon has described news that South Korean prosecutors have frozen his $39.66 million cryptocurrency as “false.”
I don’t understand the motivation for spreading this falsehood – muscle training? But for what?
Again, I am not using Kucoin and OkEx, have no time to trade and my funds are not frozen.
I don’t know whose funds they froze, but good for them. https://t.co/gSucKfqsxj
— Do Kwon 🌕 (@stablekwon) October 5, 2022
October 5th, Korean local media News1 report State prosecutors have frozen 56.2 billion won ($39.66 million) belonging to Kwon and held on two cryptocurrency exchanges, KuCoin and OKX.
However, Kwon called the report “spreading falsehoods”, adding that he “does not have time to trade Kucoin and OkEx (not using) and the funds are not frozen.”
Terra’s founder further stated:
“It comes as no surprise that cryptocurrencies are most popular in countries that weaponize state institutions against their own citizens for political gain. Reap what you sow – the revolution starts from within.”
Kwon denies freezing 3,313 BTC
September 27th, report After South Korean authorities issued an arrest warrant for Kwon, it emerged that he transferred 3,313 BTC to two overseas cryptocurrency exchanges.
Kwon has since denied these allegations.he Said:
“There is no claimed ‘cash out’. We haven’t used KuCoin or Okex for at least the last year, and no funds from TFL (Terraform Labs), LFG (Luna Foundation Guard), or any other entity. frozen. “
Meanwhile, Terraform Labs defended Kwon, saying the arrest warrant for him by South Korean prosecutors was “unjustified.”
Terra Community Powers LUNC, USTC Renaissance
The Terra community has been working on several ideas that led to the USTC re-pegging and increasing the value of LUNC.
re-peg suggestion Tokens submitted by Alex Forshaw, Edward Kim and Maximilian Bryan lead to the creation of USTN, an algorithmic fungible token backed by 60% of Bitcoin and LUNC market cap. The proposal also proposes several improvements to Terra’s capital management system (CCS).
However, the proposal has been hotly debated within the community as some members objected to some of the ideas being pushed.
Meanwhile, the Terra community continues to burn LUNC tokens.According to Steakbin data, 6.3 billion LUNC tokens were burned in the last 7 days. Binance revealed on October 3 that he consumed 5.6 billion LUNC.
