Shortly after legally going after Do Kwon and Terraform Labs, the US Securities and Exchange Commission asserted that the former cashed out 10,000 bitcoin after his brainchild collapsed.
Kwon has been on the run ever since the crash last year, reportedly currently hiding in Serbia.
As reported by Bloomberg, the latest allegations from the US securities watchdog indicate that Kwon used an unnamed Swiss bank to cash more than $100 million worth of BTC between “June 2022 and the date of this complaint,” filed February 16.
The agency noted that over 10,000 BTC were transferred away from a centralized exchange to a cold wallet where they remained briefly after the Terra ecosystem crumbled.
However, the bitcoin wealth began moving in May last year. They were sent to a bank based in Switzerland before they were swapped to cash.
CryptoPotato reported earlier that the SEC officially sued Kwon and Terraform Labs for operating a cryptocurrency scheme that defrauded investors with billions of dollars when UST and LUNA collapsed to virtually $0.
Kwon’s whereabouts remain unknown, even though he has repeatedly promised to reveal where he is hiding. The latest reports on the matter claim that the TFL co-founder is in Serbia, while South Korean prosecutors said:
“We are continuing efforts to locate Kwon, and it’s difficult to confirm anything related to the investigation at this stage.”
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