Do Kwon can be on the loose for as long as he wants. What is certain, the Securities and Exchange Commission (SEC) intends to put the grapple on him. In the meantime, she unpacks the corpses hidden in the closet of the ex-boss of Terraform Labs. And it smells very bad.
10,000 bitcoins illegally transferred by Do Kwon
The SEC no longer goes hand in hand with Do Kwon, the ex-head of the crypto company, Terraform Labs. After formalizing the grievances against him following the collapse of Terra, the stock market policeman comes back to the charge. According to the SEC, the sinking of Terra is not only due to the fact that investors were cheated. This fall is also, in large part, the consequence of the diversion of 10,000 bitcoins (BTC). An embezzlement operated by Do Kwon himself, indicates the regulator.
As a result of this massive fraud, the SEC points out, investors have been robbed of nearly $40 billion. These funds, subtracted, would moreover have been withdrawn via a banking institution based in Switzerland.
“Between June 2022 and the date of this complaint, more than $100 million in fiat currency was withdrawn from this Swiss bank”the SEC said in a statement.
What to expect now?
We can say, in view of the charges against him, that the SEC does not intend to let go of Do Kwon. For now, the co-founder of Terraform Labs is actively sought by the international police (Interpol).
Recently, several sources reported its presence in Serbia. While waiting to be able to arrest him, Interpol has placed him on its most wanted list. In addition, an international arrest warrant would have been issued against him.
It can be estimated that with so much cash, the entrepreneur would have less difficulty getting through the cracks of the police.
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