The SECGov has accused Terraform Labs and its founder stablekwon of transferring more than 10,000 bitcoin out of platform accounts to a cold wallet following the collapse of TerraUSD last May. iamsandali reports
The U.S. Securities and Exchange Commission accused stablecoin issuer Terraform Labs and its founder Do Kwon of transferring thousands of bitcoin worth millions of dollars to a Swiss bank account following the enterprise's collapse in May last year, court filings from Thursday show.for misleading customers on a number of issues, including the sale of unregistered securities.
The filing alleges the defendants first transferred more than 10,000 bitcoin"from Terraform and Luna Foundation Guard crypto asset platform accounts to an un-hosted wallet," which was used to store crypto outside of custody or exchange platforms. "On a periodic basis since May 2022, Terraform and Kwon have transferred – and continue to transfer – Bitcoin from this wallet to a financial institution based in Switzerland and have converted the Bitcoin to cash," the filing said, adding that since June 2022, more than $100 million was withdrawn from that Swiss bank.
The complaint adds that by the end of May, crypto tokens attached to the enterprise including the stablecoin TerraUSD and Luna token"were essentially worthless, wiping out more than $40 billion in combined market value." The collapse of Kwon's crypto enterprise last year sent ripples through the industry and set off a series of high-profile bankruptcies that are ongoing. Authorities in South Korea, who are looking for the disgraced founder, have also
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Breaking: SEC sues Do Kwon and Terraform Labs for fraudThe SEC has filed a complaint alleging Terraform Labs and Do Kwon failed to provide the public with truthful disclosure regarding crypto asset securities, most notably for LUNA and Terra USD.
Weiterlesen »
SEC charges Terraform Labs and CEO Do Kwon with defrauding crypto investorsThe U.S. Securities and Exchange Commission accuses Singapore-based Terraform Labs, issuer of a crashed stablecoin, and CEO Do Kwon, of fraud.
Weiterlesen »
SEC Sues Terraform Labs, Do Kwon for Misleading Investors on TerraUSD StablecoinThe SEC is suing Terraform Labs, the company behind the failed TerraUSD stablecoin, and its co-founder Do Kwon for securities fraud. By NelWang
Weiterlesen »
Fugitive Stablecoin Founder Do Kwon Accused of Securities Fraud in U.S.The SEC filed a lawsuit against Do Kwon and Terraform Labs, accusing them of defrauding buyers of cryptocurrencies TerraUSD and Luna
Weiterlesen »
SEC charges Do Kwon, Terraform with fraud in connection with Terra collapseThe SEC charged Terraform and its CEO, Do Kwon, with fraud, alleging that they bilked investors out of billions of dollars.
Weiterlesen »