In the wake of the recent legal action against ten associates of Terraform Labs, which included the co-founder Shin Hyun-seong, known to many as Daniel Shin, it appears that prosecutors from Seoul are convinced that Terraform Labs and co-founder Do Kwon are still in possession of a considerable sum of money, specifically 130 billion won ($100 million), held in a Swiss bank account.

South Korean Prosecutors Claim Do Kwon and Terraform Labs Still Own $100 Million Tucked Away in a Swiss Bank Account, SEC Complaint Backs Theory

As reported by Park Beom-soo, a local journalist, following the Terraform Labs indictment, Do Kwon and his associates allegedly transferred 10,000 bitcoin (BTC) to a fintech bank headquartered in Switzerland. Sygnum Bank, a digital asset financial institution based in Zurich, was reportedly the recipient of this sizable transfer. It has since come to light that the Seoul Southern District Prosecutor’s Office has been closely monitoring the movement of Terra-linked bitcoin and has revealed this information during a press conference held to discuss the recent indictment.

The prosecutor’s office

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Author: Jamie Redman

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