Do Kwon allegedly cashed out 100M worth of BTC via Swiss Bank

The U.S. Securities and Exchange Commission (SEC) has claimed that Terraform Labs and its founder Do Kwon transferred over 10,000 BTC into cold wallets and cashed around $100 million through Swiss banks.

Regulatory authorities Complaint On February 16, the defendants allegedly provided unregistered securities and carried out a fraudulent scheme.

further analysis of SEC filing Do Kwon and Terraform Labs have revealed that they transferred over 10,000 BTC to cold wallets and then converted some of the assets into cash.

Since May 2022, Terraform and Kwon have regularly transferred bitcoin from this wallet to financial institutions based in Switzerland, continued to transfer and convert bitcoin to cash, the SEC filed. bottom.

Regulators have revealed that between June and February 2022, more than $100 million in cash was withdrawn from Swiss banks.

The SEC has demanded trials of Do Kwon and Terraform for allegedly manipulating a fraudulent scheme that wiped out more than $40 billion from the crypto market in May 2022.

Do Kwon’s whereabouts remain unknown as authorities around the world put him on high alert. A South Korean official confirmed he traveled to Serbia after receiving intelligence reports about his possible location.

Journalist at CryptoSlate

Christian is a crypto-obsessed geek who loves exploring how protocols work under the hood. Christian has interests in DeFi protocol research, token economics, and on-chain analytics.