TechFlow news, South Korean prosecutors said that tens of millions of dollars worth of cryptocurrency have been transferred from entities linked to Do Kwon since his arrest at the end of March. Dan Sunghan, head of the Financial Crimes Investigation Division at the Southern District Prosecutors' Office, said in an interview that these crypto assets worth $29 million may have been moved by Kwon himself or under his instructions.
Dan Sunghan said South Korean authorities are trying to trace the whereabouts of these assets, which originated from wallet addresses belonging to Luna Foundation Guard (LFG), a company led by Do Kwon. In addition, Do Kwon and his associates still hold over $13 million in accounts at Swiss bank Sygnum Bank AG.
In February, the U.S. Securities and Exchange Commission alleged that after the collapse of TerraUSD, Do Kwon had been transferring cryptocurrencies from his affiliated entities—Luna Foundation Guard and Terraform Labs—to a Swiss bank. South Korea's Digital Asset news service confirmed in April that Zurich-based Sygnum is the bank involved. It was reported that Sygnum transferred more than 70% of $100 million to a law firm's escrow account pursuant to a court order.
Dan Sunghan said the remaining approximately $13 million was transferred from LFG’s crypto wallets into a separate wallet, then moved via OTC services to Sygnum Bank. He said South Korean prosecutors are attempting to freeze these funds but declined to comment on whether they had direct contact with Sygnum Bank.
