Report: Swiss Authorities Seize $26 Million in Cryptocurrency Linked to Terraform Labs and Do Kwon

Law enforcement officers in Switzerland reportedly seized roughly $26 million in bitcoin and different cryptocurrencies, believed to be linked to Terraform Labs and its co-founder, Do Kwon. Local media in South Korea revealed that the funds have been confiscated from Sygnum, a crypto financial institution primarily based in Zurich. The U.S. Securities and Exchange Commission is alleged to have performed a big position on this operation.

Crypto Assets Worth $26 Million Reportedly Confiscated in Switzerland, Tied to Terraform Labs and Co-Founder

Digital Asset, a South Korean information publication, has reported the seizure of roughly $26 million in cryptocurrency belongings from an account linked to Terraform Labs and Do Kwon. The funds have been held at Sygnum, a crypto financial institution primarily based in Switzerland, and Swiss legislation enforcement authorities froze the belongings following a request from the U.S. Securities and Exchange Commission (SEC).

In late April, reports surfaced concerning Kwon’s purported funds held at Sygnum Bank, with prosecutors in Seoul claiming that Terraform Labs and Kwon retained $100 million in crypto belongings. Further allegations instructed that Kwon, or “someone under his direction,” transferred $29 million, leaving investigators in Seoul unable to hint the funds. Digital Asset, a information outlet, reveals that the frozen belongings are reportedly related to Kwon, Chang-joon Han (CEO of Chai), and Nicholas Platias (researcher at Terraform Labs).

In the meantime, Kwon has been found guilty of using counterfeit journey paperwork and identification in Montenegro, leading to a four-month jail sentence. During his time there, legislation enforcement companies from the United States and South Korea are diligently working in direction of establishing an extradition settlement with Montenegro, aiming to carry Kwon again to face prosecution in both the U.S. or Seoul. Simultaneously, the builders behind the struggling Terra Classic ecosystem, which skilled a collapse in May 2022, are making efforts to resurrect the blockchain ecosystem and its native cryptocurrency, LUNC.

What are your ideas on the continued developments surrounding the seizure of cryptocurrency belongings tied to Terraform Labs and Do Kwon? Share your ideas and opinions about this topic within the feedback part under.