Swiss prosecutors have frozen $26 million in cryptocurrencies and US dollars belonging to Do Kwon, co-founder of Terraform Labs, and some of his associates. These assets were reportedly stored at Sygnum Bank, a Swiss financial institution. The freezing of funds was done at the request of the New York Federal Prosecutors Office and the Securities and Exchange Commission (SEC) in Switzerland. It is important to note that the $26 million worth of assets do not solely belong to Kwon. Other individuals affected by the seizure include Chang-joon Han, Nicholas Platias, and TFL Corporation.
Kwon’s troubles continue to pile up, as he was recently sentenced to four months in prison by the Basic Court in Podgorica for carrying a forged passport. However, this sentence includes the time he had already spent in custody, so his actual jail time may only be around a month.
Kwon has been blamed for the LUNA/UST meltdown that caused significant investor losses, making him a target for global agencies and authorities. South Korean prosecutors have requested the seizure of around $176 million in assets belonging to Kwon and have also insisted on his extradition to face justice in South Korea, where he could receive a maximum prison sentence of 40 years. The US has also requested his deportation, with potentially harsher punishment.
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