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Terra

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Signum

Prosecutors from Seoul suspect that Terraform Labs and its co-founder, Do Kwon, still possess a substantial sum of money, specifically 130 billion won ($100 million), held in a Swiss bank account. This comes after recent legal action against ten associates of Terraform Labs, including co-founder Shin Hyun-seong, also known as Daniel Shin.



<h2 id="south-korean-prosecutors-and-sec-allege-swiss-bank-account-connection">South Korean prosecutors and SEC allege Swiss bank account connection</h2>



According to local journalist Park Beom-soo, following the indictment of Terraform Labs, Do Kwon and his associates allegedly <a href="https://www.digitalasset.works/news/articleView.html?idxno=2310" rel="nofollow noopener" target="_blank">transferred</a> 10,000 bitcoin (BTC) to Sygnum Bank, a fintech bank headquartered in Switzerland. 



The Seoul Southern District Prosecutor&#8217;s Office has been closely monitoring the movement of Terra-linked Bitcoin and revealed this information during a press conference discussing the recent indictment.



<figure class="wp-block-image size-full"><img width="936" height="318" src="https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-644.png" alt="image 644" class="wp-image-296170" srcset="https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-644.png 936w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-644-300x102.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-644-768x261.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-644-24x8.png 24w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-644-36x12.png 36w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-644-48x16.png 48w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-644-150x51.png 150w" sizes="(max-width: 936px) 100vw, 936px" /><figcaption><a href="https://www.sec.gov/litigation/complaints/2023/comp-pr2023-32.pdf" target="_blank" rel="noreferrer noopener nofollow">The U.S. SEC charges against Do Kwon revealed the 10,000 bitcoin being sent to a Switzerland-based financial institution on page 50.</a></figcaption></figure>



The prosecutor&#8217;s office spokesperson stated, &#8220;We are actively tracking the bitcoin owned by LFG (Luna Foundation Guard), but some of it has been converted into cash and deposited into the Signum account.&#8221; The investigation into Terraform Labs and Do Kwon&#8217;s financial dealings continue, and more information may come to light.



<h2 id="lfg-8217-s-role-in-the-terra-collapse">LFG&#8217;s role in the Terra collapse</h2>



Before Terra&#8217;s collapse, Luna Foundation Guard (LFG), an organization established to protect the blockchain stablecoin UST&#8217;s dollar peg, amassed a significant amount of bitcoin. These funds were intended to prevent UST from dropping below $1 parity, but the fallout was so severe that LFG and Terra&#8217;s leaders, including Do Kwon, could not save it.



<figure class="wp-block-image size-full"><img loading="lazy" width="936" height="508" src="https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-645.png" alt="image 645" class="wp-image-296183" srcset="https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-645.png 936w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-645-300x163.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-645-768x417.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-645-24x13.png 24w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-645-36x20.png 36w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-645-48x26.png 48w, https://www.cryptopolitan.com/wp-content/uploads/2023/04/image-645-150x81.png 150w" sizes="(max-width: 936px) 100vw, 936px" /><figcaption><a href="https://oxt.me/BOOKMARK/633DD89A9B37194E692B4574" target="_blank" rel="noreferrer noopener nofollow">Onchain visualization of the LFG Bitcoin movements.</a></figcaption></figure>



LFG released an audit claiming that they used more than 80,000 BTC to defend the coin&#8217;s peg after it was speculated that they did not use all the funds to protect the stablecoin. 



However, OXT researcher Ergo BTC <a href="https://twitter.com/ErgoBTC/status/1577732461257232385?s=20" rel="nofollow noopener" target="_blank">found</a> that the blockchain &#8220;tells a different story.&#8221; Ergo discovered a group of fifteen significant Binance withdrawals made to a single address, which was then consolidated and used in a series of transactions spanning several months.



Ergo explained that the transactions continued for many months, leaving a trail of evidence for investigators. Park Beom-soo&#8217;s report further <a href="https://twitter.com/ErgoBTC/status/1650828462569996291?s=20" rel="nofollow noopener" target="_blank">confirmed</a> that the on-chain activity Ergo observed aligns more closely with the Seoul prosecutor&#8217;s report than the story told by Do Kwon and the LFG audit.

Seoul prosecutors allege $100 million in Swiss bank account linked to Terra co-founder Do Kwon

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