Do Kwon Loses $26M Worth of Illegal Assets to Swiss Prosecutors
- Prosecutors in Switzerland have officially seized illicit assets worth $26 million belonging to Do Kwon.
- The assets consist of digital assets, including Bitcoin (BTC), as well as fiat currency.
- The seized assets were kept in the digital asset bank “Signum” in Zurich.
- The assets were seized at the request of the New York Federal Prosecutors’ Office and the SEC.
Do Kwon, the founder of the Terra ecosystem, which collapsed in 2022 and generated a series of collapses of multiple crypto firms, has been facing the wrath of regulators and investors around the globe, particularly in the United States and South Korea. However, the prosecutors in Switzerland have officially seized illicit assets worth $26 million belonging to the crypto entrepreneur, as per local media outlets.
According to a report from Digital Asset, Switzerland’s Federal Prosecutor has reportedly seized about 34 billion won ($26 million) worth of assets belonging to Do Kwon, which were kept in the digital asset bank “Signum” in Zurich, the largest city in Switzerland. The assets consist of digital assets, including Bitcoin (BTC), as well as fiat currency, and were seized on the request of the New York Federal Prosecutors’ Office and the Securities and Exchange Commission (SEC).
It is crucial to note that Signum calls itself the first “digital asset bank in the world” and was opened in Switzerland and Singapore in 2017. The bank also opened a hub in Abu Dhabi, the capital of the United Arab Emirates (UAE).
Moreover, the assets seized by Swiss prosecutors belong to Do Kwon, along with former Chai Corporation CEO Chang-joon Han, former head of Terraform Labs’ research team Nicholas Platias, and the Terraform Labs Corporation. The local reports noted that “the size of the frozen assets is almost twice the size of the assets recently disclosed to foreign media by South Korean prosecutors.”
“Kwon and accomplices have more than $13 million (about 16.96 billion won) in funds in Signum,” Dan Sung Han, head of the Financial Securities Crime Division at the Seoul Southern District Prosecutors’ Office, said in an interview with Bloomberg on June 8.
As reported earlier by Bitnation, Do Kwon has been put in a Montenegrin jail for trying to enter the country using forged passports and travel documents. Meanwhile, in a recent court hearing, he claimed that he did not know his passports were fake, adding that he got them from a “Chinese agency.”
Do Kwon and Chong-joon have been jailed in Spuž, due to something called “extradition detention” and will remain behind bars until the judge decides where they will be extradited.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
