Switzerland seizes $26M tied to Do Kwon, Terra News ▸ Switzerland ▸ Terra ▸ Crime
Switzerland seizes $26M tied to Do Kwon, Terra
Earlier reports suggested that project members held $13 million in a Swiss Bank.
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Updated: Jul. 6, 2023 at 2:42 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Swiss authorities seized millions of dollars of crypto linked to Terraform Labs and its associates, Digital Asset said on June 24.
The news outlet said that authorities froze $26 million of Bitcoin and other digital assets held at the Zurich-based Sygnum Bank. Those assets belonged to Do Kwon and Han Chang-joon — formerly the CEO and CFO of Terraform Labs, respectively.
Digital Asset said that Swiss authorities acted to freeze the assets in question after receiving a request from the New York Federal Prosecutor’s Office and the U.S. Securities and Exchange Commission (SEC).
It also noted that previous reports from Bloomberg suggested that Kwon held $13 million in Sygnum Bank — just half of the current total seized. Bloomberg’s report, originally published on June 8, also said that Kwon had moved $29 million of cryptocurrency separate from the funds stored in the Swiss account.
Terraform Labs and its various projects collapsed in May 2022. U.S. and South Korean authorities are now pursuing separate charges against Kwon and their associates.
Kwon was sentenced to four months of imprisonment in Montenegro on June 19 after he was found guilty of using forged travel documents. Kwon and other Terra associates fled multiple countries in 2022 following their project’s failure.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
Terraform Labs
Terraform Labs is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins.
Do Kwon began his professional journey as an engineer, contributing to tech giants Apple and Microsoft.