Swiss authorities have seized millions of dollars in crypto linked to Terraform Labs and its associates, Digital Asset said on June 24.
The news outlet said authorities have frozen $26 million worth of Bitcoin and other digital assets from Zurich-based Sygnum Bank. Those assets were owned by Do Kwon and Han Chang-joon – formerly the CEO and CFO of Terraform Labs, respectively.
Digital Asset said Swiss authorities took action to freeze the affected assets after receiving a request from the New York federal prosecutor’s office and the US Securities and Exchange Commission (SEC).
It also noted that previous reports from Bloomberg suggested Kwon had $13 million in Sygnum Bank – just half of the current total. Bloomberg’s report, originally published on June 8, also said that Kwon had moved $29 million worth of cryptocurrency segregated from the money stored in the Swiss account.
Terraform Labs and its various projects collapsed in May 2022. U.S. and South Korean authorities are now prosecuting separate charges against Kwon and their associates.
Kwon was sentenced to four months in prison in Montenegro on June 19 after pleading guilty to using forged travel documents. Kwon and other Terra employees fled multiple countries in 2022 after the failure of their project.
The post Switzerland seizes $26 million tied to Do Kwon, Terra appeared first on CryptoSlate.