US and South Korean authorities call for the freezing of TFL and Do Kwon’s bank accounts
Both countries also intend to have the entrepreneur extradited to their jurisdictions
25.04.2023 - 12:35
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What’s new? On April 25, the South Korean prosecutor’s office reported that Do Kwon and the company he founded, Terraform Labs (TFL), still had “billions of won” in their accounts at the Swiss crypto bank Sygnum. They will continue to track bitcoins belonging to Luna Foundation Guard (LFG), some of which (about $100 million) were converted into cash and transferred to an account at Sygnum, which was also indicated in the US Securities and Exchange Commission (SEC) lawsuit against TFL dated February 17. The authorities of both countries have requested that Sygnum accounts be frozen.
What else is known? The statement by Korean law enforcers was made at a press conference after prosecutors filed charges against 10 individuals, including former TFL co-chairman Shin Hyun-seong.
According to the SEC’s February 17 lawsuit, Kwon and employees of his company withdrew more than 10 000 BTC from his project, cashing out about $100 million through Sygnum. The prosecutor explained that some of those assets were transferred to the account of Kim & Chang’s law firm to pay for the services of lawyers.
WSJ: US Department of Justice launches investigation into the Terra collapse
Representatives of the FBI and the Southern District of New York interviewed former employees of the company that developed the project, Terraform Labs
Earlier, the South Korean prosecutor’s office uncovered 414,5 billion won in illegal assets linked to Kwon and his associates. Because the businessman used foreign crypto exchanges to convert the funds into BTC, the proceeds are not subject to recovery and are not under the jurisdiction of the South Korean authorities.
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