Do Kwon's passport is revoked, the embattled entrepreneur claims seized crypto isn't his, and a Terra employee is arrested.
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Do Kwon's passport voided ❌
Do Kwon's passport has been officially voided by South Korea — and he has 14 days to surrender it to the authorities. He is already subject to an Interpol red notice and has struck a defiant tone on Twitter — declaring he's making "zero effort" to hide. He is among six people who face allegations of violating South Korea's capital markets law — and in other developments, one of the accused has been arrested. They are known only by their surname Yu, and face charges of fraud and a breach of duty concerning market manipulation. Reports also suggest that South Korean prosecutors have seized about $40 million worth of crypto that belongs to Do Kwon… but the embattled entrepreneur is denying that the funds are his.
Celsius execs withdrew $56m 💸
Celsius Network's three top executives withdrew $56 million in crypto — weeks before the company froze customer accounts, court documents have revealed. New filings show Alex Mashinsky, Daniel Leon and Nuke Goldstein claimed Bitcoin, Ether, USD Coin and Celsius tokens worth millions of dollars. Mashinsky stepped down as Celsius CEO last week after a number of customers called for him to step down. It's now emerged that Leon — the bankrupt crypto lender's co-founder and chief strategy officer — has also resigned. All of this will raise questions about whether the executives knew Celsius was in financial jeopardy at the time of these transactions. An estimated 300,000 customers have a balance of more than $100.
3AC's NFTs are on the move 👀
Hundreds of NFTs owned by the bankrupt crypto hedge fund Three Arrows Capital are on the move. They have been transferred to Teneo, the liquidator that's overseeing the bankruptcy proceedings. Estimates have previously suggested that more than $35 million was spent on acquiring these premium NFTs. Unfortunately for those out of pocket following 3AC's collapse, estimates from Nansen suggest that the value of this portfolio now stands at 625 ETH — worth about $850,000 at current market rates. To make matters worse, 89% of the NFTs have low liquidity, meaning they are from collections that had fewer than 35 sales in the past seven days. The collectibles will now be sold off, with estimates suggesting 3AC owes $2.8 billion to creditors.
