Swiss authorities seized hundreds of thousands of {dollars} of crypto linked to Terraform Labs and its associates, Digital Asset mentioned on June 24.
The information outlet mentioned that authorities froze $26 million of Bitcoin and different digital property held on the Zurich-based Sygnum Financial institution. These property belonged to Do Kwon and Han Chang-joon — previously the CEO and CFO of Terraform Labs, respectively.
Digital Asset mentioned that Swiss authorities acted to freeze the property in query after receiving a request from the New York Federal Prosecutor’s Workplace and the U.S. Securities and Change Fee (SEC).
It additionally famous that earlier stories from Bloomberg prompt that Kwon held $13 million in Sygnum Financial institution — simply half of the present whole seized. Bloomberg’s report, initially printed on June 8, additionally mentioned that Kwon had moved $29 million of cryptocurrency separate from the funds saved within the Swiss account.
Terraform Labs and its numerous initiatives collapsed in Might 2022. U.S. and South Korean authorities are actually pursuing separate costs in opposition to Kwon and their associates.
Kwon was sentenced to 4 months of imprisonment in Montenegro on June 19 after he was discovered responsible of utilizing solid journey paperwork. Kwon and different Terra associates fled a number of international locations in 2022 following their challenge’s failure.
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