Swiss Authorities Freeze $26 Million in Crypto Linked to Do Kwon and Terraform Labs

Swiss authorities have reportedly frozen approximately $26 million worth of Bitcoin and other cryptocurrency assets tied to the defunct startup Terraform Labs and its top executives. This latest development follows legal proceedings against Terraform Labs and its co-founders, including Do Kwon, Chang-joon Han, and Nicholas Platias. The firm’s leaders who saw their assets frozen face scrutiny over the collapse of the TerraUSD (UST) stablecoin and its sister token LUNA.

🚨 Swiss authorities have reportedly frozen approximately $26 million in bitcoin and other cryptos tied to Terraform Labs, its founder Kwon Do-hyeong, and other key figures within the organization. Digital Asset reported on June 24 that Swiss authorities seized millions of dollars of crypto linked to Terraform Labs and its associates. These assets were reportedly held in Switzerland.

The request to freeze the $26 million was reportedly initiated by Swiss prosecutors, who have also made requests to the New York Federal Prosecutor’s Office and the Securities and Exchange Commission (SEC) in Switzerland. This collaborative effort highlights the international scope of the investigation into Terraform Labs and its collapse.

Swiss authorities have frozen $26 million in cryptocurrency belonging to Terraform Labs and its co-founders Do Kwon, Chang-joon Han, Nicholas Platias, and TFL corporation. This action underscores the seriousness with which Swiss authorities are treating the matter.

Just a week after the Basic Court of Podgorica sentenced Do Kwon to four months of imprisonment for possession of forged travel documents, Swiss prosecutors have taken this significant step to freeze the funds. This move aims to safeguard assets pending further investigation into the alleged fraudulent activities surrounding Terraform Labs.