Crypto fugitive Do Kwon cashed out over 10,000 bitcoins through a Swiss bank
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Fugitive crypto entrepreneur Do Kwon and the company he founded withdrew more than 10,000 bitcoins from their doomed project and cashed out some of the tokens through a Swiss bank, the US Securities and Exchange Commission announced.
These allegations are contained in an SEC lawsuit accusing Kwon and Terraform Labs Pte of fraud in connection with the collapse of the digital currencies he created. The SEC said the scheme resulted in losses of at least $40 billion.
Kwon and Terraform placed more than 10,000 bitcoins in a so-called “cold wallet”, the lawsuit says.
Since last May, they periodically transferred bitcoins from a wallet, sent assets to a bank in Switzerland, where they converted the tokens into cash, the SEC said. She did not provide the name of the financial institution.
“Between June 2022 and the filing date of this lawsuit, more than $100 million in fiat currency was withdrawn from this Swiss bank,” the agency said.
Kwon's whereabouts are unknown after South Korea issued a warrant for his arrest on charges of violating the capital markets law. Kwon is also on the international wanted list of Interpol
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