Swiss prosecutors have seized around $26 million worth of crypto assets and US dollars belonging to Do Kwon, the imprisoned co-founder of Terraform Labs. The US Federal Prosecutors Office and SEC have also requested Swiss prosecutors to freeze assets associated with Terraform Labs. The assets were reportedly held at Sygnum Bank. The SEC claims that Kwon used a Swiss bank to convert 10,000 BTC into cash. Dentons, representing Terraform Labs and Kwon, has submitted documents to dismiss the SEC’s lawsuit, as the seized assets do not solely belong to Kwon. Other individuals affected by the seizure include Chang-Joon Han, Nicholas Platias, and TFL Corporation. Kwon was sentenced to four months in prison in Montenegro for using counterfeit passports. South Korean prosecutors have filed a petition to seize approximately $176 million worth of assets belonging to Kwon. If extradited to South Korea, Kwon could face up to 40 years in prison. Kwon is currently being held in isolation at Spuz prison.
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