According to reports from Korean outlet Digital Asset, Swiss authorities have frozen assets worth $26 million belonging to Terraform Labs and its founder, former crypto billionaire Do Kwon.

Sygnum holds Bitcoin

Among the frozen assets were Bitcoin (BTC) which were held in Swiss digital asset bank Sygnum.

The assets were frozen by Sygnum following requests from the New York Attorney’s Office and the U.S. Securities and Exchange Commission (SEC), as reported by Swiss authorities.

The assets that were frozen allegedly belong to Kwon, his associate Hang Chang-joon, and Nicholas Platias, the former head of research at Terraform Labs.

It has also been revealed the fact that earlier this month, South Korean prosecutors alleged that Kwon had moved $29 million worth of crypto assets out of Terraform Labs’ possession after his arrest in Montenegro.

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Kwon, the Terra founder, is currently serving a four-month prison sentence in Montenegro for using a fake Costa Rican passport. However, this sentence is just the beginning of his troubles.

Both the United States and South Korea authorities are seeking his extradition due to various charges related to the $40 billion crash of the Terra ecosystem and its stablecoin TerraUSD (UST).

Bitcoin in the news

A skilled trader who successfully navigated the crypto rally earlier this year has now expressed a positive outlook towards Bitcoin (BTC) as it surpasses the $30,000 mark.

In a recent strategy session, the analyst who goes by the name DonAlt mentioned that Bitcoin is currently fluctuating in what he terms as the “indecision zone.”

The crypto strategist predicted that Bitcoin might overcome this zone around the $30,000 mark due to the fact that the market sentiment towards crypto is not at extreme levels. Stay tuned for more news.

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