• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Wednesday, July 9, 2025
  • Login
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto Bitcoin

Do Kwon allegedly transferred 10000 Bitcoins from Swiss Bank

by Om Chaturvedi
February 18, 2023
in Bitcoin
Reading Time: 2 mins read
0
Do Kwon allegedly transferred 10000 Bitcoins from Swiss Bank

Credits: Watcher Guru

TwitterWhatsappLinkedin

The United States Securities and Exchange Commission (SEC) yesterday announced charges against Do Kwon, the founder of Terraform Labs. The regulator’s complaint is that Kwon and his company orchestrated a scheme that saw him defraud investors. Do Kwon is the founder of Terra, the crypto project that had a native token LUNA and stablecoin Terra USD (UST). He’s on the run and the latest news is that he cashed out massive amounts of Bitcoin (BTC) following the collapse of UST and LUNA.

You might also like

Bit Digital Goes All In on Ethereum: A $172M Pivot Signals New Corporate Crypto Trend

Sequans Charts Bold Path: €384M Capital Raise Fuels Bitcoin Treasury Launch

America Party Embraces Bitcoin: Musk Declares Fiat “Hopeless”

The complaint states that the SEC is charging Kwon and Terraform Labs of fraud related to the cryptocurrencies created by them, which led to investor losses of at least $40 billion, as well as storing more than 10,000 BTC in a cold crypto wallet away from any crypto exchange. Furthermore, the agency said that the defendants have been transferring (and continue to transfer) these assets from the wallet “on a periodic basis since May 2022,” sending them to an undisclosed financial institution based in Switzerland and converting them into cash.

Do Kwon allegedly paid out $100 million worth of Bitcoin through the Swiss  Bank.
credits: Coinunited

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. SEC Chair Gary Gensler said in a press release “This case demonstrates the lengths to which some crypto firms will go to avoid complying with the securities laws, but it also demonstrates the strength and commitment of the SEC’s dedicated public servants.”

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 Archives
Credits: The News Crypto

However, the agency did not reveal the name of the Switzerland-based bank involved in the complaint. On Thursday, the U.S. Securities and Exchange Commission sued Terraform Labs and its co-founder Do Kwon. The agency alleged that Terraform and Kwon misled investors on a number of issues, including who was using TerraUSD for payments, and labeled both the yield-bearing Anchor Protocol and the LUNA token as “crypto asset securities.”

Resultantly, the SEC is charging Terraform and Kwon for fraud, selling unregistered securities, selling unregistered security-based swaps, and other related claims. The regulator disclosed that between June 2022 and February, over $100 million in cash has been withdrawn from the Swiss Bank.

The SEC has called for the trial of Do Kwon and Terraform for allegedly operating a fraudulent scheme that wiped out over $40 billion from the crypto market in May 2022. Do Kwon’s whereabouts remain unknown as authorities around the world have placed him on red alert. South Korean officials confirmed to have made a trip to Serbia following an intelligence report on his possible location.

Tags: #Do KwonBitccoin
Tweet54SendShare15
Previous Post

Andrew and Tristan Tate’s $500,000 in BTC seized by Police

Next Post

Norway Authorities recovered $5.9 million from Crypto Game Axie Infinity

Om Chaturvedi

Om is a final year Engineering student in Panjab University, Chandigarh. Content Writer by Choice. Special Interest in Crypto, Metaverse and AI. Three Years of Experience in writing and ambitious to bring change with Pen & thoughts.

Recommended For You

Bit Digital Goes All In on Ethereum: A $172M Pivot Signals New Corporate Crypto Trend

by Anindya Paul
July 8, 2025
0
Bit Digital

Bit Digital, a Nasdaq-listed cryptocurrency company, has fully shifted its corporate treasury strategy from Bitcoin to Ethereum. On July 7, the firm announced it raised $172 million through...

Read more

Sequans Charts Bold Path: €384M Capital Raise Fuels Bitcoin Treasury Launch

by Anindya Paul
July 8, 2025
0
Sequans

In an important move indicating a strategy shift, Sequans Communications S.A. (NYSE: SQNS) announced the completion of a €384 million (~$384M) combination of equity and debt financing to...

Read more

America Party Embraces Bitcoin: Musk Declares Fiat “Hopeless”

by Anindya Paul
July 7, 2025
0
America Party

Elon Musk, the serial entrepreneur behind Tesla and SpaceX, has confirmed that his newly unveiled political movement, the “America Party,” will officially support Bitcoin—declaring fiat currency “hopeless.” Announced...

Read more
Next Post
Norway Authorities recovered $5.9 million from Crypto Game Axie Infinity

Norway Authorities recovered $5.9 million from Crypto Game Axie Infinity

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?