Terra

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<p class="is-style-lead">Swiss authorities have taken action to freeze around $26 million worth of bitcoin (BTC) and other cryptocurrencies linked to Terraform Labs, its founder, Do Kwon, and other key individuals involved in the collapsed Terra algorithmic stablecoin project.</p> 
<h2 class="wp-block-heading" id="more-trouble-for-do-kwon">More trouble for Do Kwon&nbsp;</h2> 
<p>Swiss authorities have reportedly frozen approximately $26 million in bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) and other cryptocurrencies belonging to the founder of Terraform Labs, Kwon Do-hyeong, and other prominent figures in the company.&nbsp;</p> 
<p>The crypto assets were stored in the custody of Sygnum Bank, a Switzerland-based crypto-friendly bank.&nbsp;</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="Crypto Fugitive Do Kwon ARRESTED Trying To Flee The Country" width="1020" height="574" src="https://www.youtube.com/embed/0UTelrtB6ws?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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<p>The freezing of the crypto assets is the latest development in a series of events that unfolded after the collapse of Terraform Labs’ algorithmic stablecoin, UST, in May 2022. Do Kwon has been at the centre of the scandal and is currently <a href="https://crypto.news/what-happened-to-terra-luna-journey-from-crypto-kings-to-fallen-stars/">held responsible</a> for over $40 billion in losses by investors.&nbsp;&nbsp;</p> 
<p>Montenegro’s interior minister, Filip Adzic, alleged that Kwon was <a href="https://crypto.news/terraform-labs-do-kwon-allegedly-arrested-in-montenegro/">arrested</a> at Podgorica airport using forged documents.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/south-korea-sets-trial-date-for-terraform-labs-co-founder-over-terra-luna-collapse/"> South Korea sets trial date for Terraform Labs co-founder over Terra Luna collapse </a> </p> 
<p>The arrest marked a significant turn of events, and Kwon faced charges related to fraud, securities law violations, and other offences connected to the collapse of Terra. </p> 
<p>However, Kwon claimed he wasn’t aware of the passport forgery because he received the documents from trusted agencies. In all these ordeals, Kwon <a href="https://crypto.news/do-kwon-blames-chinese-agency-for-fake-travel-documents-issuance/">claims</a> to be innocent, despite acknowledging that mistakes were made.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/terra-co-founder-do-kwon-refutes-cashout-allegations/"> Terra Co-founder Do Kwon Refutes Cashout Allegations </a> </p> 
<p>The freezing of the crypto assets is a <a href="https://www.digitalasset.works/news/articleView.html?idxno=3118" target="_blank" rel="noreferrer noopener">response</a> to requests from the U.S. security watchdogs. The regulatory bodies are currently taking legal actions against Kwon and other players associated with Terraform Labs to deliver justice.</p> 
<p>While awaiting trial, Kwon was recently granted a bail petition by a judge in Montenegro, allowing him to remain free under house arrest. The decision regarding his extradition is pending. Kwon and Terraform Labs’ CFO Han Chang-Joon are obligated to reside at Chang-Joon’s designated residence in Montenegro till further notice.</p> 
<p> Read more: <a href="https://crypto.news/south-korea-traces-more-funds-allegedly-moved-by-do-kwon/"> South Korea traces more funds allegedly moved by Do Kwon </a> </p>

Swiss authorities freeze Do Kwon and Terraform Labs’ crypto assets

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