US SEC Moves To Seize Terra Founder Do Kwon’s Crypto Assets In Swiss Bank

The New York Federal Prosecutors Office and the US Securities and Exchange Commission (SEC) asked Swiss prosecutors to freeze crypto assets and fiat currency related to Terraform Labs and co-founder Do Kwon in digital asset bank Sygnum.

The move comes after Dentons, a top law firm representing Terraform Labs and co-founder Do Kwon, filed additional documents in motion to dismiss the US SEC lawsuit. Judge Jed Rakoff to rule on the motion to dismiss the case by July 14.

Crypto assets and fiat worth $26 million were frozen by Swiss prosecutors. According to reports, it belongs to TFL, Do Kwon, former CFO Han Chang-Joon, and former TFL research lead Nicholas Platias. US and South Korean prosecutors earlier said Do Kwon sent 10,000 BTC to a Swiss account, which was later identified as Sygnum. In addition, US SEC also claimed that Do Kwon cashed out over $100 million worth of BTC after the 2022 Terra-LUNA Crisis.

Also Read: Major Events This Week, GDP & Inflation Data, US Fed Powell Speech, Monthly Expiry, And More

Do Kwon Sentenced to Four Months in Jail By Montenegro Court

On June 19, a Montenegro court ruled that defendants Do Kwon and Han Chang-joon used fake Costa Rican passports in an attempt to board a flight to Dubai in March, both were sentenced to four months in jail.

Meanwhile, a Montenegro high court looks to extradite both South Korean citizens to their country as the court looks to quickly finish the extradition proceedings. South Korea prosecutors said Do Kwon will face 40 years in prison if extradited to the country.

According to a Montenegrin news outlet, Do Kwon is kept isolated from other prisoners in the Spuz prison.

“Now the guards open his cell twice a day to let him stretch his legs in the courtyard of the prison in Spuz, an overcrowded facility located ten kilometers from Podgorica.”

Also Read: Terra Luna Classic (LUNC) Community Supports USTC Repeg And Quant Team Proposal

AD

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.