JAKARTA - Do Kwon, founder of Terra LUNA from South Korea, has reportedly disbursed 10,000 Bitcoins worth more than $100 million after the Terraform Labs project collapsed.
According to a Bloomberg report, Kwon used the unnamed Swiss bank to disburse the BTC between "June 2022 and the date of this complaint," filed on February 16.
Previously, Kwon and Terraform Labs had been pursued by the US Securities and Exchange Commission over a cryptocurrency scheme that scammed investors with billions of dollars in losses when UST and LUNA fell to zero.
According to a report published by the US securities regulatory agency, more than 10,000 BTC were previously transferred from a centralized exchange to a cold wallet, then sent to a Swiss bank and exchanged for cash in May last year. This raises new accusations from the US securities watchdog over Kwon's actions.
Although Kwon has repeatedly promised to reveal his whereabouts, he is currently at large and reportedly hiding in Serbia. According to South Korean prosecutors, his whereabouts are still unknown and it is difficult to confirm anything related to the investigation at this stage. Recent reports on the matter claim that one of the TFL founders is in Serbia.
Meanwhile, the SEC has previously sued Kwon and Terraform Labs over a cryptocurrency scheme that scammed investors with billions of dollars in losses when UST and LUNA collapsed to nearly 0 rupiah. This legal action was carried out by the SEC because they saw that this scheme had harmed many investors.
Terraform Labs previously had a mission to build a decentralized financial system that would provide access to financial services for anyone without the need for an intermediary.
Even so, this idea did not go as expected and ended in a fraud scandal. This incident shows that the cryptocurrency sector is still not free from the risk of crime and manipulation.
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