Swiss authorities have recently frozen $26 million worth of Bitcoin and other digital assets held at Sygnum Bank, following a request from the US Federal Prosecutor’s Office and the Securities and Exchange Commission (SEC).
Reports indicate that Do Kwon swiftly transferred $29 million out of the Swiss bank, leaving only $13 million in his possession – half of the total amount currently seized.
In May 2022, Terraform Labs unexpectedly collapsed, and Do Kwon was forced to go into hiding to evade law enforcement.
However, in March 2023, Do Kwon was officially arrested in Montenegro for using a fake passport. Since then, the United States, South Korea, and Montenegro all seek to prosecute Do Kwon. The legal battle between the former Terra founder and the authorities in multiple countries is expected to continue for a long time.