US SEC Targets Terra Founder Do Kwon’s Crypto Assets in Swiss Bank Seizure

Terra Do Kwon

US SEC Requests Freeze of Terra Founder Do Kwon’s Crypto Assets at Sygnum Bank.

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US authorities, including the New York Federal Prosecutors Office and the SEC, have requested Swiss prosecutors to freeze crypto assets and fiat currency linked to Terraform Labs and co-founder Do Kwon. The assets in question are held in Sygnum, a digital asset bank. This action reflects the ongoing regulatory efforts to investigate and potentially seize funds associated with Terraform Labs and Do Kwon.

Dentons, the law firm representing Terraform Labs and Do Kwon, has submitted additional documents seeking to dismiss the SEC lawsuit. Judge Jed Rakoff is expected to make a ruling on the motion by July 14, which will determine the fate of the case.

Swiss prosecutors have frozen approximately $26 million worth of crypto assets and fiat currency linked to Terraform Labs (TFL), Do Kwon, former CFO Han Chang-Joon, and former TFL research lead Nicholas Platias. It was revealed that Do Kwon had transferred 10,000 BTC to a Swiss account, later identified as Sygnum, according to US and South Korean prosecutors. Additionally, the US SEC alleged that Do Kwon had cashed out over $100 million worth of BTC following the 2022 Terra-LUNA Crisis.

Do Kwon Receives Four-Month Jail Sentence from Montenegro Court:

On June 19, the Montenegro court made a ruling regarding the case of Do Kwon and Han Chang-joon. The defendants were accused of using fake Costa Rican passports while attempting to board a flight to Dubai in March. The court found them guilty and sentenced both individuals to four months in jail for their actions.

The Montenegro high court is currently working on extraditing Do Kwon and Han Chang-joon, who are South Korean citizens, back to their home country. The court is aiming to expedite the extradition proceedings to reach a swift resolution. South Korean prosecutors have stated that if Do Kwon is extradited to South Korea, he could potentially face a prison sentence of up to 40 years. The extradition process is being closely monitored, and a final decision is awaited.

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According to a news outlet in Montenegro, Do Kwon is currently being kept separate from other inmates at the Spuz prison. He is given the opportunity to leave his cell twice a day, under the supervision of guards, to stretch his legs in the prison’s courtyard. The Spuz prison, which is situated around ten kilometers from Podgorica, is known to be overcrowded.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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