{"id":17765,"date":"2023-02-17T15:27:16","date_gmt":"2023-02-17T15:27:16","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/sec-says-do-kwon-cashed-out-100-million-from-bitcoin-stash\/"},"modified":"2023-02-17T15:27:16","modified_gmt":"2023-02-17T15:27:16","slug":"sec-says-do-kwon-cashed-out-100-million-from-bitcoin-stash","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/sec-says-do-kwon-cashed-out-100-million-from-bitcoin-stash\/","title":{"rendered":"SEC says Do Kwon cashed out $100 million from Bitcoin stash"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1676644781090-61f4e84c-f3ba-4a21-b7cf-8cf6565706ba-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1676644781090-61f4e84c-f3ba-4a21-b7cf-8cf6565706ba-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1676644781090-61f4e84c-f3ba-4a21-b7cf-8cf6565706ba-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1676644781090-61f4e84c-f3ba-4a21-b7cf-8cf6565706ba-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Do Kwon reportedly held 10,000 BTC in a cold wallet.<\/li>\n<li dir=\"ltr\">The now fugitive Terraform Labs founder reportedly cashed out a massive $100 million worth of Bitcoin through a bank in Switzerland.<\/li>\n<li dir=\"ltr\">The SEC announced it had charged Do Kwon with defrauding investors.<\/li>\n<\/ul>\n<p dir=\"ltr\">The United States Securities and Exchange Commission (SEC) yesterday <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2023-32\" rel=\"noopener noreferrer\" target=\"_blank\">announced<\/a> charges against Do Kwon, the founder of Terraform Labs. The regulator\u2019s complaint is that Kwon and his company orchestrated a scheme that saw him defraud investors.\u00a0<\/p>\n<p dir=\"ltr\">Do Kwon is the founder of <a href=\"https:\/\/coinjournal.net\/terra\/\">Terra<\/a>, the crypto project that had a native token LUNA and stablecoin Terra USD (UST). He\u2019s on the run and the latest news is that he cashed out massive amounts of Bitcoin (BTC) following the collapse of UST and LUNA.<\/p>\n<h2 dir=\"ltr\">SEC says Do Kwon defrauded investors<\/h2>\n<p dir=\"ltr\">SEC charges against Do Kwon point to a plot to mislead investors, with the collapse of the then $40 billion LUNA ecosystem impacting the wider crypto market amid an intensifying crypto winter.<\/p>\n<p dir=\"ltr\">\u201c<em>We allege that Terraform and Do Kwon failed to provide the public with full, fair, and truthful disclosure as required for a host of crypto asset securities, most notably for LUNA and Terra USD<\/em>,\u201d SEC Chair Gary Gensler said in a press release on Thursday.<\/p>\n<p dir=\"ltr\">\u201c<em>We also allege that they committed fraud by repeating false and misleading statements to build trust before causing devastating losses for investors<\/em>,\u201d he added.<\/p>\n<h2 dir=\"ltr\">Kwon cashed out millions of BTC via Swiss bank<\/h2>\n<p dir=\"ltr\">As Bloomberg notes in a <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-02-17\/crypto-fugitive-do-kwon-tapped-hoard-of-10-000-bitcoin-via-swiss-bank-sec-says\" rel=\"noopener noreferrer\" target=\"_blank\">report<\/a> published Thursday, 17 February, Kwon\u2019s company had ostensibly moved and cashed out over $100 million worth of Bitcoin using an unnamed banking provider in Switzerland.\u00a0<\/p>\n<p dir=\"ltr\">The transfers began in June 2022 and were reportedly part of more than 10,000 BTC stashed in a cold wallet and periodically withdrawn through the Swiss-based bank.<\/p>\n<p dir=\"ltr\">The SEC allege the fraudulent transactions had continued up to the date of its official complaint against Do Kwon and its firm.\u00a0<\/p>\n<p dir=\"ltr\">Unlike Sam Bankman-Fried who was arrested swiftly following the collapse of his firms FTX and Alameda Research, Do Kwon continues to evade capture. An arrest warrant by Interpol was issued last year and the latest reports on his whereabouts suggested the South Korean citizen was in Serbia.<\/p>\n<h2 dir=\"ltr\">Terra (LUNA) and Terra Luna Classic (LUNC) price outlook<\/h2>\n<p dir=\"ltr\">As Coinjournal <a href=\"https:\/\/coinjournal.net\/news\/terra-luna-price-plunges-sec-charges-terraform-labs-for-fraud\/\">reported<\/a> on Friday morning, the price of Terra (LUNA) fell sharply following news the SEC had charged Kwon.\u00a0<\/p>\n<p dir=\"ltr\">Data from CoinGecko as of 9 am ET on Friday, also showed that the Terra Luna Classic price was 3.6% down at $0.00016773, while its market cap stood at $992 million. LUNC is a community-driven project that emerged out of the LUNA debacle.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/do-kwon-withdrew-100m-worth-of-btc-via-swiss-bank-sec-says\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Do Kwon reportedly held 10,000 BTC in a cold wallet. The now fugitive Terraform Labs founder reportedly cashed out a massive $100 million worth of Bitcoin through a bank in Switzerland. The SEC announced it had charged Do Kwon with defrauding investors. The [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":17766,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/17765"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=17765"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/17765\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/17766"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=17765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=17765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=17765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}