Swiss authorities have frozen approximately $26 million worth of bitcoin and other cryptocurrencies linked to Terraform Labs and its founder, Do Kwon. The assets were stored in the custody of Sygnum Bank. This follows the collapse of Terraform Labs’ algorithmic stablecoin, UST, in May 2022, which resulted in over $40 billion in losses for investors. Kwon has been arrested and faces charges related to fraud, securities law violations, and other offenses. He claims innocence but acknowledges mistakes were made. Prosecutors in South Korea are seeking the confiscation of approximately $176 million worth of cryptocurrencies and luxury assets belonging to Kwon. The freezing of the assets is a response to requests from U.S. security watchdogs as legal actions are being taken against Kwon and other individuals involved with Terraform Labs. Kwon and Chang-joon Han, the former CEO of Terraform Labs, were sentenced to four months in prison for the forgery of travel documents and have been granted bail. The United States and South Korea are interested in extraditing Kwon. The involvement of international agencies and authorities reflects a determination to hold accountable those involved in cryptocurrency-related misconduct.
Continue reading on Crypto.news
By
By
By
By
By
By