Do Kwon and Terraform Labs moved more than 10,000 BTC to a cold wallet worth about $100 million, SEC filings show.
The U.S. Securities and Exchange Commission (SEC) accused Terraform Labs and its founder Do Kwon of transferring more than 10,000 BTC to a cold wallet and cashing out about $100 million through a Swiss bank.
The regulator filed a complaint on Feb. 16 accusing the defendants of offering unregistered securities and carrying out a fraudulent scheme.
Further analysis of the SEC filing revealed that Do Kwon and Terraform Labs moved more than 10,000 BTC into cold wallets and subsequently converted some of the assets into cash.
More than $100 million in cash has been withdrawn from Swiss banks between June and February 2022, the regulator revealed.
The SEC has called for Do Kwon and Terraform to go to trial for allegedly running a fraudulent scheme that wiped more than $40 billion from the cryptocurrency market in May 2022.
Do Kwon's whereabouts remain unknown as authorities around the world have placed him on red alert. South Korean officials confirmed they had traveled to Serbia after receiving intelligence reports of his possible location.
