South Korean prosecutors from the Seoul Southern District Prosecutor’s Office believe that Do Kwonco-founder of TerraAnd Terraform Labs still holds about 130 billion won ($100 million) in a Swiss bank account. This information follows the recent lawsuit against ten associates of Terraform Labs, including the co-founder Shin Hyun-seongalso known as Daniel Shin. Prosecutors have been closely monitoring the movement of BTC (Bitcoin) linked to Terra, sharing their findings at a press conference on the recent indictment.
SEC Complaint Supporting Prosecutors’ Theory
There DRY (Securities and Exchange Commission) of the United States also charged Do Kwonthe complaint discussing the transfer of 10,000 bitcoins to a financial institution based in Switzerland. According to local journalist Park Beom-soo, Do Kwon and his associates transferred the 10,000 BTC (Bitcoin) to Sygnum Banka financial institution ofassets digital in Zurich.
We are actively tracking bitcoin held by LFG (Luna Foundation Guard), but some of it has been converted to cash and deposited in a Sygnum account.
Spokesperson for the prosecutor’s office
Prior to Terra’s collapse, the Luna Foundation Guard (LFG) had amassed a large amount of bitcoins to defend the peg of stablecoin UST. After the fall, LFG released a audit claiming to have used over 80,000 BTC to defend the peg of his stablecoin. However, many on-chain researchers believe that the reality is far from this audit.
LFG has claimed their ONLY wallet is currently funded with 313 BTC.
But the blockchain tells a different story. pic.twitter.com/PrHWjhi9xQ
— ∴Ergo∴
(@ErgoBTC) October 5, 2022
(@ErgoBTC) The searcher ErgoBTC discovered a series of fifteen large withdrawals of Binance made to a single address, which were then consolidated and used in transactions spanning several months. Ergo BTC findings align more with the Seoul prosecutor’s report than the story presented by Do Kwon and the LFG Audit. As the investigation continues, further details of Terraform Labs and Do Kwon’s financial dealings may emerge.
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