SEC Says Do Kwon Laundered Over 10,000 Bitcoin From Terra and Luna Foundation Guard (LFG)
- Advertisement - The SEC accuses Kwon of diverting 10K units of Bitcoin from Terra. - Advertisement - The Securities and Exchange Commission (SEC) has alleged that Terra co-founder Do Kwon and Terra Form Labs (TFL) were involved in money laundering following the ecosystem collapse in May 2022. SEC’s Complaint Against Kwon The SEC made this known in a 55-page complaint filed in the Southern District Court of New York, stating that the defendants laundered more than $100 million worth of Bitcoins. The SEC cited one transaction, which saw Kwon and TFL move over 10K Bitcoin from the Luna Foundation Guard (LFG) and Terra to a cold wallet. The funds were later transferred to a Swiss bank account and converted to fiat. The Securities and Exchange Commission claims the defendants withdrew over $100 million from the unnamed Swiss financial institution since May 2022 using this process. “On a periodic basis since May 2022, TFL and Kwon have transferred – and continued to transfer ...