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Swiss Officials Confiscate $26 Million in Cryptocurrency and Cash Associated with Do Kwon
- On July 14, Judge Jed Rakoff will deliver a decision regarding the motion to dismiss the lawsuit.
- Do Kwon and Han Chang-joon received a four-month prison sentence in Montenegro.
Swiss prosecutors were prompted by the US Securities and Exchange Commission (SEC) and the New York Federal Prosecutors Office to confiscate cryptocurrency and fiat currency held by digital asset bank Sygnum on behalf of Terraform Labs and its co-founder Do Kwon.
Dentons, the prestigious law firm representing Terraform Labs and its co-founder Do Kwon, has taken this action following the submission of new documents aimed at having the US SEC complaint against them dismissed. Additionally, on July 14, Judge Jed Rakoff will deliver a decision on the motion to dismiss the lawsuit.
Extradition to South Korea
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Swiss authorities have frozen $26 million in cryptocurrency and fiat, reportedly belonging to TFL, Do Kwon, former CFO Han Chang-Joon, and former TFL research head Nicholas Platias. Prosecutors in both the United States and South Korea had previously asserted that Do Kwon transferred 10,000 BTC to a Swiss account associated with Sygnum. Following the Terra-LUNA Crisis of 2022, the US SEC stated that Do Kwon liquidated over $100 million worth of Bitcoin.
Furthermore, after a court in Montenegro ruled in favor of the prosecution on June 19, Do Kwon and Han Chang-joon were each sentenced to four months in prison for attempting to board a flight to Dubai using forged Costa Rican passports in March.
Meanwhile, the Montenegrin High Court is working to expedite the extradition of the two South Korean nationals to their home country. Prosecutors in South Korea have indicated that Do Kwon could face 40 years in prison if extradited there. The U.S. was also seeking to obtain custody of the pair, but according to reports, Montenegrin authorities opted to extradite them back to their home country.
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