Prosecutor Reveals Billions of Dollars Remain in Swiss Signum Bank Accounts
The High Court of Podgorica, the capital of Montenegro, is set to hear a case involving Terraformlaps (TFL) Representative Kwon-hyung Terra Pomaps (TFL) and the virtual asset bank, Signum (SYGNUM). According to prosecutors, billions of dollars remain in Signum bank accounts linked to TFL and its representative.
Founded in Zurich, Switzerland in 2017, Signum is the world’s first virtual asset bank. In mid-February, the U.S. Securities and Exchange Commission (SEC) filed a complaint against TFL for issuing unregistered securities, claiming that TFL’s representative had transferred 10,000 bitcoins to a Swiss bank. The Swiss bank in question is Signum.
At a recent press conference, Seoul-based financial securities firm Ji-Kyung and Joo-dang announced that the BTC owned by the Lunaf Foundation Guard (LFG) is still being tracked. Some of the BTC has reportedly been cashed and transferred to a Signum account, amounting to around $10 billion (KRW 1.3 trillion).
The prosecution has been investigating 10 individuals linked to TFL, including former co-representative Shinsun Province. They have confirmed that $1 billion was not left in the Signum account, but was instead used for various purposes. Some of the transfers were made to Kim An-Jang Lawyers account as attorneys’ fees, while the remaining amount was in the billions.
In February 2023, the SEC stated that defendants had sent 10,000 bitcoins to personal or cold wallets in TFL and LFG accounts. After May 2022, the defendants sent Bitcoin from these wallets to a Swiss financial institution, which turned it into a statutory sentence. By the time of the lawsuit filing, more than $10 billion had been withdrawn.
Prosecutors have stated that South Korean and U.S. investigators must prove to the Swiss government and banks that a freeze of the Signum account is necessary. However, they acknowledge that there are variables at play and that the process may not be straightforward.