South Korean investigators have revealed that approximately $8.6 million remains in the Sygnum Bank account of Do Kwon, the CEO of Terraform Labs (TFL), while the investigation into his company is ongoing. Sygnum, a crypto bank established in Switzerland, was founded in 2017.
Earlier this year, the U.S. Securities and Exchange Commission (SEC) reported that Kwon transferred a large sum of Bitcoins, valued at about $258 million, to a Swiss bank, which was later identified as Sygnum. The head of a financial securities crime investigation team in South Korea recently announced that they are keeping a close watch on the Bitcoin holdings of the Luna Foundation Guard (LFG).
It was also disclosed during a press conference, following the indictment of several individuals without detention, that around $100 million had been cashed out and moved to the Sygnum account, as noted in the SEC complaint.
Officials explained that the large sum of money had been allocated for various purposes and was not entirely present in the Sygnum account. Some of the funds were transferred to a law firm’s account as payment for legal services, leaving roughly $8.6 million in the account.
Both South Korean and U.S. investigative agencies have requested a freeze on the Sygnum account, but it is still unknown whose appeal will take precedence.
Swiss authorities and banks are obligated to present evidence before any decision can be reached. The investigators reiterated their commitment to assisting victims quickly and emphasized the need for Kwon’s extradition to South Korea.
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