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Swiss Authorities Seize $26M in Crypto and Fiat Linked To Do Kwon

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Swiss Authorities Seize $26M in Crypto and Fiat Linked To Do Kwon

  • On July 14, Judge Jed Rakoff will issue a ruling on the application to dismiss the lawsuit.
  • Do Kwon and Han Chang-joon were each given a four-month prison term in Montenegro.

Prosecutors in Switzerland were urged by the US Securities and Exchange Commission (SEC) and the New York Federal Prosecutors Office to seize cryptocurrency and fiat cash held by digital asset bank Sygnum on behalf of Terraform Labs and its co-founder Do Kwon.

Dentons, the elite legal firm representing Terraform Labs and its co-founder Do Kwon, has taken this step after submitting new paperwork in an effort to get the US SEC complaint against them dismissed. Also, on July 14, Judge Jed Rakoff will issue a ruling on the application to dismiss the lawsuit.

Extradition to South Korea

Swiss authorities have frozen $26 million in cryptocurrency and fiat. Reportedly owned by TFL, Do Kwon, ex-CFO Han Chang-Joon, and ex-TFL research head Nicholas Platias. Prosecutors in the United States and South Korea had previously claimed that Do Kwon had transferred 10,000 BTC to a Swiss account linked to Sygnum. After the Terra-LUNA Crisis of 2022, the US SEC said, Do Kwon cashed out more than $100 million worth of Bitcoin.

Moreover, after a court in Montenegro ruled in favor of the prosecution on June 19, Do Kwon and Han Chang-joon were each given a four-month prison term for using forged Costa Rican passports to try to board an aircraft to Dubai in March.

Meanwhile, the Montenegrin High Court is working to expeditiously extradite the two South Korean nationals to their home country. Prosecutors in South Korea have said that Do Kwon faces 40 years in jail if he is extradited there. The U.S was also in line to get its hands on the duo but as per reports, the Montenegro authorities decided to extradite them back to their home country.

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