S. Korea seeks to freeze US$65mil of Bitcoin linked to Terra founder Do Kwon

SINGAPORE (Bloomberg): The South Korean authorities have asked two cryptocurrency exchanges to freeze some US$65 million worth of Bitcoin linked to entrepreneur Do Kwon(pic), the founder of the company behind two now-collapsed digital coins.

Kwon is the founder of Terraform Labs, the company behind algorithmic stablecoin TerraUSD, or UST, and its sister token Luna. Combined, these coins were worth around US$60 billion before they collapsed in May, sending shockwaves through the crypto industry.