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The collapse of TerraUSD has had a significant impact on the crypto ecosystem. Even as legal proceedings swiftly began against Terraform Labs and its founder Do Kwon, many developments have occurred over time. According to the latest news that reached the media during the day, Switzerland has frozen $26 million in cryptocurrency held by former officials of Terraform Labs, including its founder Do Kwon.
Switzerland Freezes $26 Million in Cryptocurrency
The TerraUSD collapse in 2022 had a significant impact on the crypto ecosystem. Following the collapse, a legal process began against Terraform Labs and its founder Do Kwon, and since the commencement of this legal process, many important developments have occurred. An important development in the ongoing legal proceedings related to Terraform Labs and its founder Do Kwon took place in Switzerland today. The $26 million in cryptocurrency belonging to Terraform Labs and its former executives, held at the Swiss digital asset bank Sygnum, was frozen.
According to a report by South Korean news source Digital Asset, Swiss prosecutors have frozen about $26 million in cryptocurrency, some of which is in BTC, belonging to Terraform Labs, executive chairman Kwon Do-hyeong, former finance director Han Chang-joon, former research director Nicholas Platias, and others. The report stated that the $26 million in crypto assets are being held at the Swiss digital asset bank Sygnum.
US Officials Get Involved
According to Digital Asset’s report, the $26 million in crypto assets owned by Terraform Labs and former Terraform Labs executives was frozen following requests from U.S. federal prosecutors in New York and the Securities and Exchange Commission.
South Korean prosecutors also announced in April that they had identified a significant amount of “criminal proceeds” flowing into a Swiss-based bank related to Terraform Labs and requested overseas authorities to freeze these assets.
