Feds allege that the Terraform Labs founder converted the bitcoin to cash and has withdrawn more than $100 million since June of last year.
nd Luna Foundation Guard crypto asset platform accounts to an un-hosted wallet” meaning a so-called “cold wallet” not related to any crypto exchange which can be disconnected from the internet. The SEC then allege Kwon has been transferring bitcoin from this wallet to a bank in Switzerland, converting it all into cash.
At the time just before the crypto collapse in May of last year, the price of bitcoin was hovering around $30,000, which means the 10,000 bitcoin could have been worth $300 million if Kwon tried to immediately convert it into fiat currency.Privacy protection We all need privacy, especially online. Your IP address and your browsing should be hidden from unecessary surveillance. Rest assured that PIA’s virtual private network never keeps any usage logs—ever.The SEC wants Kwon and Terraform Labs to be barred from dealing in crypto, and for them to pay penalties for illegally dealing in securities.
The SEC also alleged Kwon misled investors about the stability of its UST stablecoin. According to the complaint, the company also lied to investors that the Terraform blockchain was being used by a popular Korean mobile payment app called “Chai.” Instead, the SEC said Terraform Labs “replicated Chai payments on the Terraform blockchain” to make it seem like there was far more adoption for the tech than there really was.
Do Kwon has been avoiding international law enforcement for months now after South Korean prosecutors issued a warrant for his arrest. He was last traced to
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