The Swiss government has blocked about $26 million in bitcoin and other cryptocurrencies associated with Terraform Labs (TFL) and its CEO Do Kwon. It is reported by the South Korean media Digital Asset.
According to the agency, the authorities complied with the requests of the US Securities and Exchange Commission (SEC) and the New York Federal Attorney’s Office.
The assets of Terraform Labs were stored in the Sygnum cryptocurrency bank, located in Zurich.
The frozen funds are allegedly owned by Kwon, ex-CEO of Chai Corporation Han Chang Zhong, former head of the TFL research group Nicholas Platias, and Terraform Labs itself.
In September 2022, South Korea issued an arrest warrant for Do Kwon and five other employees of the organization on charges including violations of capital markets laws.
On March 23, Montenegrin police arrested an entrepreneur while trying to fly from Podgorica airport to Dubai using forged documents. In May, he and former TFL CFO Han Chang-jung pleaded not guilty.
South Korea called on Montenegro to send Kwon home. The United States also claims to extradite the head of the TFL, where he has been charged with fraud by the SEC and the Federal Prosecutor’s Office of New York.
Recall that in June Kwon was released under house arrest, the bail amounted to €400,000 ($436,000).
Later, a court in Podgorica found the TFL founder guilty of forging documents while trying to leave Montenegro. He was sentenced to four months in prison.
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The Swiss government has blocked about $26 million in bitcoin and other cryptocurrencies associated with Terraform Labs (TFL) and its CEO Do Kwon. It is reported by the South Korean media Digital Asset.
According to the agency, the authorities complied with the requests of the US Securities and Exchange Commission (SEC) and the New York Federal Attorney’s Office.
The assets of Terraform Labs were stored in the Sygnum cryptocurrency bank, located in Zurich.
The frozen funds are allegedly owned by Kwon, ex-CEO of Chai Corporation Han Chang Zhong, former head of the TFL research group Nicholas Platias, and Terraform Labs itself.
In September 2022, South Korea issued an arrest warrant for Do Kwon and five other employees of the organization on charges including violations of capital markets laws.
On March 23, Montenegrin police arrested an entrepreneur while trying to fly from Podgorica airport to Dubai using forged documents. In May, he and former TFL CFO Han Chang-jung pleaded not guilty.
South Korea called on Montenegro to send Kwon home. The United States also claims to extradite the head of the TFL, where he has been charged with fraud by the SEC and the Federal Prosecutor’s Office of New York.
Recall that in June Kwon was released under house arrest, the bail amounted to €400,000 ($436,000).
Later, a court in Podgorica found the TFL founder guilty of forging documents while trying to leave Montenegro. He was sentenced to four months in prison.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!