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Breaking: Terra Founder Do Kwon Cash-In 10,000 Bitcoin Via Swiss Bank

Do Kwon and Terraform Labs secretly processed over 10,000 BTC and continues to convert BTCs to cash through a Swiss bank, the US SEC alleges.
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Breaking: Terra Founder Do Kwon Cash-In 10,000 Bitcoin Via Swiss Bank

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Terraform Labs and its co-founder Do Kwon for orchestrating a $40 billion securities fraud involving LUNA and Terra’s algorithmic stablecoin TerraUSD (UST).

Do Kwon and his company secretly processed over 10,000 BTC out of the company and converted some tokens into cash via a Swiss bank. These allegations are in the same SEC lawsuit accusing Do Kwon and Terraform Labs of fraud and money laundering.

According to the complaint, the 10,000 Bitcoin was transferred to a cold wallet un-hosted on any crypto exchange. Do Kwon continues to transfer Bitcoin from the cold wallet to a bank in Switzerland since May last year. He is converting Bitcoin to cash to continue his run from South Korean authorities.

“Between June 2022 and the date of this complaint, over $100 million in fiat currency has been withdrawn from that Swiss bank.”

South Korean officials recently traveled to Serbia to seek further details on Do Kwon’s location. South Korean prosecutors issued an arrest warrant against Do Kwon for violating the capital markets law. However, he has completely denied any wrongdoing.

“We are continuing efforts to locate Kwon, and it’s difficult to confirm anything related to the investigation at this stage,” the prosecutors’ office said on Friday.

CoinGape earlier reported that Terra co-founder Do Kwon exchanged Bitcoin worth $190K from the Luna Foundation Guard for cash in Serbia. Prosecutors also believe that he will continue to need funds to continue to be on the run and for daily needs. According to CoinATMRadar, there are two cryptocurrency kiosks in Serbia’s capital Belgrade.

Bitcoin price is currently trading at $23,874, down 2% after hitting a high of $25K today. Meanwhile, Terra (LUNA) price is trading at $1.88, down 5% in the last 24 hours.

Also Read: Bitcoin Price Still Bullish To Hit $30K, Predicts On-Chain Data And Crypto Analyst

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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