SEC Report Revealed: Terra Founder Do Kwon Sold Thousands of Bitcoins (BTC) Like This!

SEC, Kwon and the company of which he is a founding partner. TerraUSD accused of committing fraud. Organisation, 10,000 Bitcoins (BTC) He said it was transferred outside of the Terra ecosystem.

SEC Says Crypto Fugitive Do Kwon Sold 10,000 Bitcoins (BTC) Through Swiss Bank

The Securities and Exchange Commission said that crypto fugitive Do Kwon and the company he founded transferred more than 10,000 Bitcoins from their bankrupt projects and cashed some of the tokens through a Swiss bank.

The allegations, Kwon and company Terraform Labs Pteis involved in an SEC lawsuit accusing it of fraudulent deletion of the digital currencies it produced. The SEC said the plan caused at least $40 billion in losses.

According to the complaint, Kwon and Terraform put more than 10,000 Bitcoins in a so-called cold wallet, which is not listed on any digital asset exchange.

The SEC stated that since May of last year, they have periodically transferred Bitcoin from the wallet, sent the assets to a bank in Switzerland, and cashed out the tokens. The identity of the financial institution was not disclosed.

“Between June 2022 and the date of this complaint, over $100 million in fiat currency has been withdrawn from the Swiss bank in question,” the agency claimed on Thursday.

Kwon’s whereabouts became unclear after South Korea issued an arrest warrant for allegedly violating capital markets law. He said the Asian country Kwon is also the subject of Interpol’s red notice.

South Korean officials traveled to Serbia earlier this year to seek help in the search for Kwon, after the Balkan country emerged as a potential location for Kwon.

“Our efforts to locate Kwon are ongoing and it is difficult to confirm anything related to the investigation at this stage,” the prosecutor’s office in Seoul said in a text message released Friday.

*Not investment advice.