Swiss authorities have seized millions of dollars in cryptocurrency linked to Terraform Labs and its affiliates, Digital Asset announced. June 24th.
The news agency reported that authorities have frozen $26 million in bitcoin and other digital assets held by Zurich-based Signum Bank. These assets belonged to Do Kwon and Han Chang-joon, former CEO and CFO of Terraform Labs respectively.
Digital Asset said Swiss authorities have taken steps to freeze the assets in question, following requests from the New York Federal Attorney’s Office and the U.S. Securities and Exchange Commission (SEC).
He also pointed out that an earlier Bloomberg report suggested Kwon held $13 million in Signum Bank, which is only half of the current seizure total. Bloomberg report first published June 8also said Kwon had moved $29 million in cryptocurrencies apart from funds held in Swiss accounts.
Terraform Labs and its various projects collapsed in May 2022. US and South Korean authorities are now pursuing separate charges against Kwon and his associates.
On June 19, Kwon was convicted in Montenegro of using forged travel documents and sentenced to four months in prison. Kwon and other Terra employees fled multiple countries in 2022 following the failure of the project.
Switzerland seizes $26 million related to Do Quong, Terra article first appeared on CryptoSlate.
