In the wake of the lawsuit against ten employees of Terraform Labs, it seems that prosecutors from Seoul are convinced that co-founder Do Kwon is still in possession of a significant sum of money. He is said to have another 130 billion won ($100 million) in a Swiss bank account.

In fact, the theory is so serious that it is in the indictment of the Securities and Exchange Commission (SEC).

Park Beom-soo, a local journalist, writes that following the indictment of Terraform Labs, Do Kwon and his associates sent as much as 10,000 bitcoin to a fintech bank.

It would be Sygnum Bank, headquartered in Zurich in Switzerland.

The Southern District of Seoul has mapped terraforms ‘ cash flows. In a press conference, more information about the indictment was shared. This is how this 10,000 BTC also came to light.

The spokesperson states:

“We are actively tracking the bitcoin owned by LFG (Luna Foundation Guard), but part of it has been converted into cash and deposited into the Signum account. As set out in the SEC indictment, the amount transferred is about 100 million dollars (about 130 billion won).”

The Luna Foundation Guard (LFG) was created to issue a UST stablecoin. They bought over 80,000 bitcoin from the market as collateral for an algorithmic stablecoin. This bitcoin holding was sold again when the Luna token and UST stablecoin collapsed. At least that was the claim.

Researcher Ergo BTC previously discovered that the blockchain”tells a different story”. In an October 2022 Twitter thread, he stated that LFG had more bitcoin than the 313 BTC that the organization communicated with the outside world.

Transactions were also linked to Binance and KuCoin, with reused addresses from the period when LFG was still active. It could be almost 7,000 BTC.

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