Swiss Police Reportedly Seize $26 Million Worth of Assets Linked to Do Kwon and Terraform Labs

Swiss authorities have taken action by freezing approximately $26 million in assets belonging to Terraform Labs and its founder.

Former cryptocurrency billionaire Do Kwon. The assets, which include Bitcoin (BTC) were frozen by Swiss digital asset bank Sygnum following requests from the New York Attorney’s Office and the U.S. Securities and Exchange Commission (SEC). The frozen assets are reportedly linked to Kwon. His associate Hang Chang-joon, and former Terraform Labs research head Nicholas Platias. This development comes after South Korean prosecutors accused Kwon. The transferring $29 million worth of crypto assets out of Terraform Labs’ control subsequent to his arrest in Montenegro. Kwon has already served over three months of a four-month prison sentence in Montenegro for using a counterfeit Costa Rican passport. 

However, his legal troubles are far from over. As both U.S. and South Korean authorities seek to extradite him on various 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. Has indicated that Kwon could potentially face more than 40 years of imprisonment. Making it one of the largest financial fraud cases in South Korean history.

Clever Robot News Desk 27^th June 2023