In the wake of a recent legal action against ten Terraform Labs associates, which included co-founder Shin Hyun-Seong, known to many as Daniel Shin, Seoul prosecutors seem convinced that Terraform Labs and co-founder Do Kwon still has a significant amount of money, Specifically, 130 billion won ($100 million), held in a Swiss bank account.
South Korean prosecutors claim Do Kwon Labs and Terraform still have $100m hidden in Swiss bank account, SEC complaint supports theory
like mentioned By Park Beom-soo, a local journalist, following the Terraform Labs indictment, Do Kwon and his associates allegedly moved 10,000 Bitcoin (BTC) to a fintech bank based in Switzerland. Sygnum Bank, a digital asset financial institution based in Zurich, was reportedly the beneficiary of this massive transfer. It has since emerged that the Seoul Southern District Prosecutor’s Office is closely monitoring bitcoin traffic linked to Terra and revealed this information during a press conference held to discuss the latest indictment.
A spokesperson for the attorney general’s office stated, “We are actively pursuing bitcoin held by the LFG (Luna Foundation Guard), but some of it was converted into cash and deposited into a Signum account. As indicated in the SEC complaint, the amount transferred is approximately $100.” 1 million dollars (about 130 billion won).” The investigation into Terraform Labs and Do Kwon’s financial dealings appears to be ongoing, and more details may be revealed regarding the matter.
Onchain researcher: LFG ‘failed to calculate breadcrumb impact left by change outputs’
Right before Terra’s collapse, Terra’s Luna Foundation Guard (LFG), an organization created to defend the UST stablecoin pegged to the blockchain, accumulated a massive amount of bitcoin. The money was meant to protect terrariums from dropping below the $1 level, but the fallout was so bad, LFG and Terra leaders like Do Kwon couldn’t save it. After the crash, it was speculated that LFG did not use all the funds to defend the stablecoin, and LFG responded by issuing a review claiming that the group used more than 80,000 BTC To defend the currency peg.
However, the researcher at OXT Ergo BTC Discover that blockchain “tells a different story” in a Twitter topic As of October 2022. Ergo said that while LFG may have declared ownership of one wallet it has 313 BTCTheir actions left a trail of evidence that could be traced easily. Ergo detected a batch of fifteen significant withdrawals on Binance that were made to a single address. The coins were then combined and used in a series of transactions that spanned several months. Shortly after the first withdrawal from Binance, 665 BTC It was spent on Kucoin, and on May 16, the remaining 313 were spent BTC They are taken to LFG’s new address, with proof of their connection given.
Please too He said that the transaction sequence continued for several months and “unfortunately for the LFG, these (reused addresses) were active prior to the depeg event, providing additional clues to investigators.” The researcher further added that while the LFG might argue that the pseudonym of BTC Providing them with a veil of anonymity, it is clear that the activity observed by the researcher is “directly related to the financing of the LFG treasury.” Park Beom Soo reports further confirmed To Ergo the onchain activity spotted by the OXT researcher aligns more closely with the Seoul prosecutor’s report than the story told by Do Kwon and the LFG review.
What do you make of the ongoing investigation into Terraform Labs and allegations that the company and co-founder Do Kwon still has a significant amount of money? Do you think the findings of the US Securities and Exchange Commission and the Seoul South District Prosecutor’s Office are compatible? Share your thoughts on this topic in the comments section below.
Image credits: shutterstock, pixabay, wikicommons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services or companies. Bitcoin.com It does not provide investment, tax, legal or accounting advice. Neither the Company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.