South Korean regulators have instructed KuCoin and OKX to freeze a total of 3,313 Bitcoin (BTC) worth approximately $67 million linked to Do Kwon.

An online media outlet reported the freezing of assets in KuCoin and OKX, citing one of the officials from the Seoul Southern District Public Prosecutor’s Office.

According to crypto research team CryptoQuant, Luna Foundation Guard (LFG), recently created a new crypto wallet from which it transferred the full amount of Bitcoin to the two exchanges.

“CryptoQuant specified new LFG-owned Bitcoin addresses based on transaction patterns, adjacent flows, and material non-public information,” the researcher said in an emailed statement.

As a person of interest in several investigations surrounding the collapse of Terra (LUNA) and its sister algorithmic stablecoin, TerraUSD (UST), Do Kwon has long been on the radar of Korean regulators. Attempts to arrest Kwon have been unsuccessful since the case began. After confirming that the developer no longer resides in Singapore, Interpol issued a red notice to expedite his arrest.

For his part, Do Kwon has often reiterated that he is “not making any effort to hide,” adding that he is “going for walks and going to shopping malls.”

Despite his public appearances on social media, the exact location of his residence is unknown. However, many believe his days on the run from the authorities are numbered, with the red alert now issued over his head.

With around $60 billion removed from the Terra ecosystem with the collapse of LUNA and UST, the funds cannot be recovered despite the attempt to fork a new token from the old one. Regulators understand that the funds will not come back, but they will need a deterrent that Do Kwon and co-founder Daniel Shin fit the necessary scapegoat profile.

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