Already imprisoned, the CEO of Terraform Labs must also say goodbye to a large sum of money. Swiss prosecutors have indeed frozen approximately $26 million in cryptocurrency linked to Terraform Labs. An important success for these authorities in the context of the ongoing investigation into the Terra (LUNA) affair.
About $26 million in frozen cryptos
Full of twists so far, the Do Kwon saga is not yet at its last episode. The South Korean entrepreneur always seemed to be several steps ahead. South Korean prosecutors realized this last April.
The South Korean authorities have almost failed to get their hands on a jackpot from Do Kwon and have had to resort to seizing his apartments, land and cars. However, the tide has since turned. The co-founder and CEO of Terraform Labs isn’t so invincible anymore. He can only see the damage now from his penitentiary in Montenegro.
As revealed by the South Korean media Digital Asset and as reported by Decrypt, Do Kwon owned assets in crypto-bank Sygnum. It is a bank specializing in digital assets and based in Zurich, Switzerland.
At the request of US federal prosecutors in New York and the SEC, Swiss authorities therefore proceeded to freeze a total of $26 million related to Do Kwon, his company Terraform Labs and other executives. of the company. These include Nicholas Platias, former director of research at Terraform Labs and Han Chang-Joon, former CEO of Chai Corporation.
A sentence of four months in prison
Accused of falsifying travel documents in Montenegro last April, Do Kwon now knows his sentence. The country’s authorities have indeed sentenced the co-founder of Terraform Labs to four months in prison.
The same sentence is required against Han Chang-Joon. However, the sentence takes into account the 85 days already spent in detention by the two men who pleaded not guilty to these charges against them. This therefore amounts to a very short prison term.
What will happen to Do Kwon when the South Korean entrepreneur has served his sentence? Everything suggests that he will be extradited to the United States or South Korea. The two countries have already asked to extradite Do Kwon so that he can answer the charges brought against him after his numerous illicit activities.
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