Cryptocurrencies linked to the Terra (LUNA) project and Do Kwon have reportedly been seized by Swiss authorities. The ex-CEO is currently imprisoned in Montenegro, awaiting extradition.
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Swiss Authorities Reportedly Seized $26 Million in Do Kwon-Related Crypto
The South Korean media Digital Asset reports that the Swiss authorities have got their hands on a substantial sum. $26 million in Bitcoin (BTC) and other cryptocurrencies have reportedly been seized in lawsuits against Do Kwon and Terraform Labs. The request came from the United States, more precisely from the Security and Exchange Commission (SEC). As a reminder, Do Kwon is being prosecuted by both South Korean and American justice. He is currently awaiting trial in Montenegro for a case of false identity documents.
The confiscated funds allegedly held in crypto bank Sygnum. Rumors have been swirling for several months about a possible hoard of Do Kwon, which would have been kept by this banking institution. This news therefore confirms the facts. But that would apparently not be all. South Korean prosecutors claim that the ex-CEO of Terra had a total of more than $100 million in cryptocurrencies at the time of his arrest.
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Long procedures ahead for Do Kwon
Do Kwon faces four months in prison in Montenegro, pending South Korea and the United States reaching an extradition agreement. He will then have to answer the charges in these two territories. It is likely that the judges of these two countries will make an example of the ex-CEO, who has become the symbol of a renewed distrust of the crypto ecosystem. In South Korea, he could face the longest prison sentence for financial crime in the country’s history.
It is also not the first time that property and assets belonging to Do Kwon have been seized. The man, who got rich thanks to Terra, saw real estate confiscated last April. In addition, $175 million in assets were frozen last month by a South Korean judge. We are still far from knowing if these funds could be used to compensate the victims of the collapse of Terrabut they do show the colossal mass of assets that was tied to the platform when it was at the height of its success.
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Source: Digital Asset
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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