Do Kwon Tapped Hoard of 10,000 Bitcoin Via Swiss Bank, SEC Says

Crypto fugitive Do Kwon and the firm he founded transferred over 10,000 Bitcoin out of their doomed project and turned some of the tokens into cash via a Swiss bank, the Securities & Exchange Commission said.

The allegations are in an SEC lawsuit accusing Kwon and the company, Terraform Labs Pte, of fraud over the wipeout of digital currencies he created. The SEC said the scheme led to losses of at least $40 billion.

Do Kwon

Source: Bloomberg

Kwon and Terraform put more than 10,000 Bitcoin into a so-called cold wallet that doesn’t sit on any digital-asset exchange, according to the complaint ...