$26M Frozen: Swiss Police Seize Do Kwon and Terraform Labs Assets

By Lola Coin Jun 26, 202362Views

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Swiss authorities have frozen $26 million worth of assets from Terraform Labs and its founder, Do Kwon. The assets, including Bitcoin, were frozen by Swiss digital asset bank Sygnum after requests from the New York Attorney’s Office and the U.S. Securities and Exchange Commission. The frozen assets belong to Kwon, his associate Hang Chang-joon, and former head of research Nicholas Platias. Earlier this month, South Korean prosecutors alleged that Kwon had moved $29 million worth of crypto assets out of Terraform Labs’ possession after his arrest in Montenegro. Kwon has already served three months of a four-month prison sentence for using a forged passport, but he still faces extradition to the United States and South Korea. The director of the financial crime investigation bureau in Seoul stated that Kwon could serve more than four decades behind bars for his involvement in the $40 billion crash of the Terra ecosystem.

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