• Swiss authorities have seized $26 million in crypto and fiat linked to Do Kwon.
• On July 14, Judge Jed Rakoff will issue a ruling on the application to dismiss the lawsuit.
• South Korea prosecutors say if extradited, Do Kwon faces 40 years in jail.
Seizure of $26M in Crypto & Fiat
Swiss authorities have frozen $26 million in cryptocurrency and fiat owned by Terraform Labs (TFL) and its co-founder Do Kwon, after submitting new paperwork in an effort to get the US Securities and Exchange Commission (SEC) complaint against them dismissed. The funds were reportedly held by digital asset bank Sygnum on behalf of TFL and its co-founder Do Kwon.
Montenegro Prison Sentence
After the Terra-LUNA Crisis of 2022, the US SEC said that Do Kwon cashed out more than $100 million worth of Bitcoin. After a court in Montenegro ruled in favor of the prosecution on June 19, Do Kwon and Han Chang-joon were each given a four-month prison term for using forged Costa Rican passports to try to board an aircraft to Dubai in March.
Extradition To South Korea
The Montenegrin High Court is now working to expeditiously extradite the two South Korean nationals back to their home country. Prosecutors in South Korea have said that if extradited, Do Kwon faces 40 years in jail for his involvement with Terra-LUNA Crisis of 2022. The U.S had also requested extradition but as per reports, Montenegro decided otherwise.
Ruling By Judge Jed Rakoff
On July 14, Judge Jed Rakoff will issue a ruling on the application to dismiss the lawsuit against TFL and its co-founder Do Kwon filed by US SEC after they had cashed out more than $100 million worth of Bitcoin during Terra-LUNA Crisis of 2022.
Crypto Exchange Binance Withdraws License Registration In Austria
Crypto exchange Binance has recently withdrawn its license registration application from Austria following changes made by Austrian Financial Market Authority (FMA) regarding listing requirements for digital assets such as cryptocurrencies or tokens on unregulated trading platforms like Binance’s services