The revelation of Do Kwon and Terraform Labs having millions of dollars in a Sygnum bank account and the attempts of multiple government agencies to freeze the account has been made public. This case ensures that the act of hiding away money still remains an issue in the digital age and is capable of involving numerous authorities. The Seoul Southern District Prosecutors’ Office recently informed that, Ten individuals including former co-president Shin Hyun-Seong have been charged for the case in which it was learnt that about 300 billion won has been sent from the accounts of Terraform Labs to a Swiss bank, which has been identified as Sygumum Bank AG. Furthermore, it was revealed that from the accounts, $100 million (roughly 130 billion won) was converted to cash and then transferred to Sygnum accounts. In addition to this, the Kim & Chang law firm sent some of this money also.
The U.S. Securities and Exchange Commission also made a statement asserting that, with reference to the 10,000 Bitcoin from TFL and LFG, it had been sent off to personal wallets or cold wallets, and subsequently withdrawn more than $100 million by the time this case was brought forward.
The Seoul Southern District Prosecutors’ Office recently made a request to the concerned Swiss government and banks to freeze the Sygnum account, but owing to the complexity of the situation, the response has not been immediate. It can be concluded that though the transfer of money hasn't been done unlawfully, there is still a need for strict control and transparency while accounting international money transfers.
Esmeralda Morales
- 2023-04-25
International Money Transfers Need Strict Control and Transparency
The revelation of Do Kwon and Terraform Labs having millions of dollars in a Sygnum bank account has involved numerous agencies, in an attempt to freeze the account. The U.S. Securities and Exchange Commission has also stated that $100 million was converted to cash and sent off to different personal wallets.
