Swiss police freeze millions of Do Kwon, TFL assets at request of SEC
Approximately $26 million in bitcoin and crypto assets belonging to Terraform Labs executives, including founder Do Kwon, have reportedly been frozen by authorities in Switzerland. South Korean news outlet Digital Asset reported that the funds were taken from Zurich-based digital asset bank Sygnum at the request of US federal prosecutors and the Securities and Exchange Commission (SEC). Sygnum made headlines back in 2017 when it announced it was the world’s first regulated digital asset bank. In February this year, the SEC said that 10,000 bitcoins were transferred from Terraform Labs and the Luna Foundation Guard (LFG) to personal wallets belonging to top execs. “Since May 2022, defendants have sent the bitcoins in this wallet to Swiss financial institutions and turned it into fiat currency, withdrawing more than $100 million by the time of filing the lawsuit,” the SEC said. In April this year, Digital Asset reported that the Seoul Southern District Prosecutors’ Office’s Financi...