Over 10,000 Bitcoin Transferred, $100M Cashed by Terraform

Do Kwon was the talk of the town in mid-2022 as a result of the collapse of the Terra biosphere. Yet as the year went on and other businesses collapsed like dominoes, the conversational topics shifted. With the emphasis once more on the aforementioned crypto fugitive, it appears that we have returned to square one.

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According to a recent Trade Algo story, Terraform Labs and Do Kwon transported over 10,000 Bitcoin out of their failed project and allegedly converted some tokens into cash by using a Swiss bank.

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The allegations were contained in a complaint that the SEC filed. The oversight body stated that the losses were at least $40 billion.

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Fiat Withdrawals Of About $100 Million

10k Bitcoin are said to have been transferred into a cold wallet by Kwon and Terraform Labs. According to the lawsuit, they had been transporting assets to a Swiss bank and converting tokens into cash on a regular basis, the SEC stated.

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Around $100 million in fiat money has been taken out of that Swiss bank between June 2022 and the filing date of this action, according to the complaint.

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However, the agency withheld the identity of the Swiss bank that was the subject of the complaint. United States on Thursday Do Kwon, a co-founder of Terraform Labs, is being sued by the Securities and Exchange Commission. The agency claimed that Kwon and Terraform misled investors about a variety of topics, including who was making payments with TerraUSD, and classified both the yield-bearing Anchor Protocol and the LUNA token as "crypto asset securities."

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As a result, the SEC has filed fraud, unregistered security and security-based swap sales, and other related allegations against Terraform and Kwon.

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Kwon's location are still unknown, it is important to note. Serbia appears to have been his last known whereabouts, and South Korean officials paid a visit there in the first week of February. This was done to get the Serbian government's assistance in finding Kwon.