South Korean prosecutors stated that Do Kwon and Terraform Labs (TFL) have billions of won in a Swiss bank.
According to a report by DigitalAsset, Do Kwon, the man behind the Terra crisis, and TFL have billions of won assets in a Swiss bank. In addition, the SEC stated that the names in question transferred 10,000 BTC to the Swiss bank Sygnum. It was reported that some of these transferred BTCs were converted into cash.
South Korean Prosecutors Point to Do Kwon’s Presence
South Korean prosecutors said Terraform Labs (TFL) and Terra founder Do Kwon held billions of won at the Swiss-based Sygnum bank.
In February, the SEC announced that Do Kwon and TFL had transferred 10,000 BTC to Sygnum. In addition, the SEC stated that these transferred BTCs were converted into cash for financing purposes and the other part was used in operation.
The Financial and Securities Crimes Joint Investigation Unit in Seoul highlighted that they are tracking BTCs belonging to LFG and Do Kwon. In addition, prosecutors announced that some of the money was transferred to the account of the law firm Kim & Chang for attorneys’ fees.
These statements by South Korean prosecutors came in a press release in which 10 people were charged, including former TFL co-chair Shin Hyun-seong.
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