Swiss authorities have seized over $26 million worth of Bitcoin and other digital assets connected to Terraform Labs and its former executives. The assets were held at Sygnum Bank in Zurich and belonged to former CEO Do Kwon and former CFO Han Chang-joon. The seizure was carried out in response to a request from the New York Federal Prosecutorโs Office and the U.S. Securities and Exchange Commission. This amount is double the previous estimate of $13 million that Kwon held in the bank, and it was revealed that he had moved an additional $29 million outside of the Swiss account. Terraform Labs collapsed in May 2022, resulting in losses of $40 billion in market cap. Kwon has been charged with various offenses in South Korea and the U.S., and authorities in both countries are seeking his extradition. Kwon and his associate Han Chang-Joon were recently sentenced to four months in jail in Montenegro for forging travel documents. The investigation into Terraform Labs’ collapse is ongoing, and more assets may be seized in the future.
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