Illegal Assets of Do Kwon Worth $26M Seized by Swiss Authorities

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In an update on June 25th, Korean media reported that Swiss prosecutors have frozen the assets of Terraform Labs CEO Do kwon. 

Do Kwon Assets Worth $26M Seized

An estimate of $26 million, or 34 billion won, is frozen, including Bitcoin (BTC). The asset is kept at Zurich, Switzerland’s “Sygnum” digital asset bank.

The bank was first founded in Switzerland and Singapore in 2017 and is touted as “The world’s first Digital Asset Bank.” It also launched a Middle East center in Abu Dhabi, United Arab Emirates, towards the end of March.

Assets were Kept in Signum

The world’s first digital asset bank, Sygnum, gained popularity on April 15 when it was officially identified that “The bank where Do Kwon hid his Bitcoin is the Sygnum.” 

Do Kwon, Han Chang-joon former Chai Corporation CEO, Nicholas Platias former TFL research team leader, and TFL are said to be the owners of the assets under consideration. 

Prosecutors Discover Do Kwon’s Bitcoin

The value of the frozen assets is almost two times more than the size of the assets that Korean prosecutors previously disclosed to international media. As a result, it is being speculated whether Switzerland’s Federal Prosecutor and the US Federal Prosecutor have discovered Kwon’s Bitcoin, which was previously unknown.

In an interview with Bloomberg on June 8, Dan Sung Han, head of the Financial Securities Crime Division at the Seoul Southern District Prosecutors’ Office, stated that: 

“Kwon and accomplices have more than $13 million (about 16.96 billion won) in funds in Sygnum.”

Similar Actions Taken by South Korean Authorities

Additionally, it was revealed that the co-founder of Terraform and Terraform Labs withdrew millions from the business in May. The withdrawals were made while South Korean authorities attempted to freeze the assets of Do Kwon and other accused persons. 

Prosecutors notably froze assets and expensive goods totaling $175 million. About a year after the Terra LUNA fiasco, which saw $40 billion in investor cash stolen and led to a crackdown on the cryptocurrency sector, significant withdrawals were also noticed.

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