Swiss authorities have reportedly frozen $26 million worth of assets from Terraform Labs and its founder, former crypto billionaire Do Kwon.
The assets frozen included Bitcoin (BTC), and was frozen from Swiss digital asset bank Sygnum, reports Korean outlet Digital Asset.
[adinserter block="1"]Sygnum froze the assets after Swiss authorities received requests from the New York Attorney’s Office, and the U.S. Securities and Exchange Commission (SEC).
The frozen assets reportedly belong to Kwon, his associate Hang Chang-joon and former head of research at Terraform Labs Nicholas Platias.
Earlier this month, South Korean prosecutors alleged that Kwon had moved $29 million worth of crypto assets out of Terraform Labs’ possession after his arrest in Montenegro.
Kwon has already spent more than three months of a four-month prison sentence in Montenegro for using a forged Costa Rican passport, though the relatively short sentence likely won’t be the end of the Terra founder’s problems.
Authorities in the United States and South Korea both want to extradite the disgraced crypto executive, who’s facing multiple charges arising from the $40 billion crash of the Terra ecosystem and its stablecoin TerraUSD (UST).
Dan Sunghan, the director of the financial crime investigation bureau at the Seoul Southern District Prosecution Service, recently told Bloomberg that Kwon could serve more than four decades behind bars, after being responsible for what is believed to be the largest financial fraud case in South Korean history.
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