South Korean prosecutors have recently reached out to Binance, one of the world’s largest cryptocurrency exchanges, to request a halt on any withdrawal linked to Do Kwon. Here are the most important things to know about this development:
1. Do Kwon is the founder and CEO of Terraform Labs, a blockchain company that has been involved in several projects in South Korea. He is currently under investigation by South Korean authorities for alleged fraud and embezzlement related to a project called “LUNA.”
2. The prosecutors have requested that Binance freeze any assets or funds linked to Do Kwon, as they believe he may be attempting to move money out of the country to avoid prosecution. Binance has reportedly complied with the request and suspended any withdrawals related to Do Kwon.
3. This is not the first time that South Korean authorities have taken action against cryptocurrency exchanges in relation to alleged financial crimes. In 2018, several exchanges were raided and shut down for violating anti-money laundering laws.
In summary, South Korean prosecutors have asked Binance to halt any withdrawals linked to Do Kwon, who is currently under investigation for alleged fraud and embezzlement. This is part of a wider crackdown on financial crimes in the cryptocurrency industry in South Korea.