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Swiss authorities seized hundreds of thousands of {dollars} of crypto linked to Terraform Labs and its associates, Digital Asset stated on June 24.
The information outlet stated that authorities froze $26 million of Bitcoin and different digital belongings held on the Zurich-based Sygnum Financial institution. These belongings belonged to Do Kwon and Han Chang-joon — previously the CEO and CFO of Terraform Labs, respectively.
Digital Asset stated that Swiss authorities acted to freeze the belongings in query after receiving a request from the New York Federal Prosecutor’s Workplace and the U.S. Securities and Alternate Fee (SEC).
It additionally famous that earlier reviews from Bloomberg urged that Kwon held $13 million in Sygnum Financial institution — simply half of the present complete seized. Bloomberg’s report, initially revealed on June 8, additionally stated that Kwon had moved $29 million of cryptocurrency separate from the funds saved within the Swiss account.
Terraform Labs and its varied tasks collapsed in Might 2022. U.S. and South Korean authorities at the moment are pursuing separate prices in opposition to Kwon and their associates.
Kwon was sentenced to 4 months of imprisonment in Montenegro on June 19 after he was discovered responsible of utilizing cast journey paperwork. Kwon and different Terra associates fled a number of international locations in 2022 following their venture’s failure.
The put up Switzerland seizes $26M tied to Do Kwon, Terra appeared first on CryptoSlate.
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