Swiss Authorities Freeze $26 Million in Assets of Terraform Labs and Founder Do Kwon.
According to reports, Swiss authorities have taken action by freezing assets worth $26 million from Terraform Labs, as well as its founder and former crypto billionaire, Do Kwon. This freeze includes various assets such as Bitcoin (BTC) and has been implemented through the Swiss digital asset bank, Sygnum, as stated in an article by Korean outlet Digital Asset.
The decision to freeze the assets came after requests were made by both the New York Attorney’s Office and the U.S. Securities and Exchange Commission (SEC) to Swiss authorities. The frozen assets are said to belong to Do Kwon, along with his associate Hang Chang-joon and Nicholas Platias, the former head of research at Terraform Labs.
Recent allegations from South Korean prosecutors claimed that Kwon had transferred approximately $29 million worth of crypto assets out of Terraform Labs’ possession following his arrest in Montenegro. Despite already serving over three months of a four-month prison sentence in Montenegro for using a forged Costa Rican passport, Kwon’s legal troubles are far from over.
Both U.S. and South Korean authorities are seeking Kwon’s extradition, as he faces multiple charges related to the $40 billion crash of the Terra ecosystem and its stablecoin TerraUSD (UST). Dan Sunghan, the director of the financial crime investigation bureau at the Seoul Southern District Prosecution Service, recently told Bloomberg that Kwon could potentially be sentenced to more than four decades in prison, as he is believed to be responsible for what is considered the largest financial fraud case in South Korean history.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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