Breaking: Terra Founder Do Kwon Cash-In 10,000 Bitcoin Via Swiss Bank
The U.S. Securities and Exchange Commission filed a lawsuit against Terraform Labs and Do Kwon, accusing them of orchestrating a $40 Billion securities fraud involving LUNA and Terra’s algorithmic stablecoin TerraUSD.
Do Kwon and his firm secretly processed more than 10,000 BTC from the company and converted some tokens to cash via a Swiss bank. These allegations are part of the same SEC lawsuit that Do Kwon, Terraform Labs are accused of money laundering and fraud.
According to the complaint, 10,000 Bitcoin were transferred to a cold account that was not hosted on any crypto exchange. Do Kwon continues to transfer Bitcoin to a Swiss bank from the cold wallet since May last year. To continue his run against South Korean authorities, he is currently converting Bitcoin into cash.
“Between June 2022 & the date of this complain, more than $100 million in fiat currencies has been withdrawn by that Swiss bank.”
South Korean officials recently visited Serbia to find out more about Do Kwon’s whereabouts. South Korean prosecutors issued a warrant for Do Kwon’s arrest for violating the capital market law. He has denied any wrongdoing.
“We are continuing to search for Kwon, and we are unable to confirm anything regarding the investigation at this point,” said Friday’s prosecutors’ office.
CoinGape reported earlier that Terra co-founder Do Kwon traded $190K worth of Bitcoin from the Luna Foundation Guard to cash in Serbia. Prosecutors believe that he will need funds to keep him on the move and to meet his daily needs. According to CoinATMRadar there are two cryptocurrency kiosks located in Belgrade, Serbia’s capital.
Bitcoin’s price is currently at $23,874, a drop of 2% from its high of $25K today. Terra (LUNA), on the other hand, is currently trading at $1.88. This is a 5% decrease in the last 24hrs.
Also read: Bitcoin Price Bullish to Hit $30K, Predicts on-Chain Data and Crypto Analyst
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