Approximately $26 million in cryptocurrency assets linked to Terraform Labs and co-founder Do Kwon have reportedly been confiscated in Switzerland. The funds were held at Sygnum, a crypto bank, and were frozen by Swiss law enforcement authorities following a request from the U.S. Securities and Exchange Commission. Prosecutors in Seoul previously alleged that Terraform Labs and Kwon held $100 million in crypto assets, with $29 million being transferred and unable to be traced. The frozen assets are said to be associated with Kwon, Chang-joon Han (CEO of Chai), and Nicholas Platias (researcher at Terraform Labs). Kwon is currently serving a four-month prison sentence in Montenegro for employing counterfeit travel documents, while efforts are being made to extradite him to the U.S. or Seoul for prosecution. Meanwhile, the developers of the struggling Terra Classic ecosystem are working to revive the blockchain ecosystem and its native cryptocurrency, LUNC, after a collapse in May 2022.
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