After several months of research, it was revealed that Do Kwon, the founder and CEO of Terra, has billions of won at Sygnum Bank in Switzerland.
In February, the U.S. Securities and Exchange Commission filed a lawsuit against Kwon and his company for issuing unregistered securities. The SEC also found that TFL CEO transferred 10,000 BTC to Sygnum Bank as a result of its investigations.
Sygnum was founded in 2017 as the first digital asset bank in Switzerland. The financial crimes investigation unit of the Seoul Southern District Attorney’s Office stated that they continue to monitor Bitcoin belonging to the Luna Foundation Guard (LFG). South Korean authorities reported that some of the transferred funds were turned back into cash and stored in Sygnum Bank. It was reported that some of the approximately $100 million sent to Sygnum was sent to the law firm of Kim & Chang for attorney fees, and billions of won remained in the account.
While there were hot developments regarding the TFL case, the prosecution filed new charges against 10 people, along with the company’s co-founder Shin Hyun-seong.
The request for the freezing of newly identified accounts will be forwarded to the bank and the Swiss government, and who will be entitled to the accounts will depend on which of South Korea or the United States requests first. On the other hand, South Korean officials also stated that they are doing their best to extradite Do Kwon to the country.