Swiss authorities have made a surprising discovery by confiscating $26 million in cryptocurrencies linked to Do Kwon, the former CEO of Terra. While he is already imprisoned in Montenegro and awaiting extradition, this seizure follows legal proceedings launched by the US SEC. Do Kwon’s fortune is in jeopardy, and the legal proceedings promise to be long and complex.
Do Kwon ‘s fate remains uncertain!
The Terra story takes a new turn with the seizure of Do Kwon’s fortune in Switzerland. Swiss authorities have seized an impressive $26 million in Bitcoin and other cryptocurrencies, as part of a joint investigation with the US SEC. The request follows accusations against Do Kwon and Terraform Labs. The confiscated funds were held in the crypto bank Sygnum, confirming persistent rumors concerning the former CEO’s personal fortune.
But this seizure represents only part of Do Kwon’s enormous wealth. South Korean prosecutors claim that the former Terra executive had over $100 million in cryptocurrencies at the time of his arrest. Currently imprisoned in Montenegro, Do Kwon awaits trial and faces lengthy extradition proceedings to South Korea and the USA.
The judicial authorities in both countries are expected to deal severely with the case of Do Kwon, who has become a symbol of the growing mistrust of the crypto ecosystem. In South Korea, he faces the longest prison sentence for financial crime in the country’s history. This case also highlights the previous seizures made on Do Kwon’s real estate last April, as well as the freezing of $175 million in assets by a South Korean judge the previous month.
The question remains whether these confiscated funds will be able to compensate the victims of Terra’s collapse. However, they testify to the considerable wealth that was associated with the platform when it was at its peak. Do Kwon’s fate and Terra’s future remain uncertain, but this seizure marks a tumultuous new chapter in the history of this iconic cryptosphere company.
