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

Law enforcement officials successful Switzerland reportedly seized astir $26 cardinal successful bitcoin and different cryptocurrencies, believed to beryllium linked to Terraform Labs and its co-founder, Do Kwon. Local media successful South Korea revealed that the funds were confiscated from Sygnum, a crypto slope based successful Zurich. The U.S. Securities and Exchange Commission is said to person played a important relation successful this operation.

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

Digital Asset, a South Korean quality publication, has reported the seizure of astir $26 cardinal successful cryptocurrency assets from an relationship linked to Terraform Labs and Do Kwon. The funds were held astatine Sygnum, a crypto slope based successful Switzerland, and Swiss instrumentality enforcement authorities froze the assets pursuing a petition from the U.S. Securities and Exchange Commission (SEC).

In precocious April, reports surfaced regarding Kwon’s purported funds held astatine Sygnum Bank, with prosecutors successful Seoul claiming that Terraform Labs and Kwon retained $100 cardinal successful crypto assets. Further allegations suggested that Kwon, oregon “someone nether his direction,” transferred $29 million, leaving investigators successful Seoul incapable to hint the funds. Digital Asset, a quality outlet, reveals that the frozen assets are reportedly associated with Kwon, Chang-joon Han (CEO of Chai), and Nicholas Platias (researcher astatine Terraform Labs).

In the meantime, Kwon has been found guilty of employing counterfeit question documents and recognition successful Montenegro, resulting successful a four-month situation sentence. During his clip there, instrumentality enforcement agencies from the United States and South Korea are diligently moving towards establishing an extradition statement with Montenegro, aiming to bring Kwon backmost to look prosecution successful either the U.S. oregon Seoul. Simultaneously, the developers down the struggling Terra Classic ecosystem, which experienced a illness successful May 2022, are making efforts to resurrect the blockchain ecosystem and its autochthonal cryptocurrency, LUNC.

What are your thoughts connected the ongoing developments surrounding the seizure of cryptocurrency assets tied to Terraform Labs and Do Kwon? Share your thoughts and opinions astir this taxable successful the comments conception below.