{"id":337551,"date":"2023-06-26T21:43:21","date_gmt":"2023-06-26T20:43:21","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=337551"},"modified":"2023-07-06T02:42:33","modified_gmt":"2023-07-06T01:42:33","slug":"switzerland-seizes-26m-tied-to-do-kwon-terra","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/switzerland-seizes-26m-tied-to-do-kwon-terra\/","title":{"rendered":"Switzerland seizes $26M tied to Do Kwon, Terra"},"content":{"rendered":"

Swiss authorities seized millions of dollars of crypto linked to Terraform Labs<\/a> and its associates, Digital Asset said on June 24<\/a>.<\/p>\n

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<\/a> and Han Chang-joon \u2014 formerly the CEO and CFO of Terraform Labs, respectively.<\/p>\n

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).<\/p>\n

It also noted that previous reports from Bloomberg suggested that Kwon held $13 million in Sygnum Bank \u2014 just half of the current total seized. Bloomberg's report, originally published on June 8<\/a>, also said that Kwon had moved $29 million of cryptocurrency separate from the funds stored in the Swiss account.<\/p>\n

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.<\/p>\n

Kwon was sentenced to four months of imprisonment<\/a> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 \u2014 formerly the CEO […]<\/p>\n","protected":false},"author":1403,"featured_media":251030,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76799,77968,11],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nSwitzerland seizes $26M tied to Do Kwon, Terra<\/title>\n<meta name=\"description\" content=\"Swiss authorities seized millions of dollars of crypto linked to Terraform Labs and its associates, Digital Asset said on June 24.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/switzerland-seizes-26m-tied-to-do-kwon-terra\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Switzerland seizes $26M tied to Do Kwon, Terra\" 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