Did Terra co-founder Do Kwon and Terraform Labs launder over $100 million worth of Bitcoin from the platform after its collapse? The SEC thinks so.
) from the platform and the Luna Foundation Guard to a cold wallet, then to a Swiss bank account to convert to fiat. The financial regulator said that the Terra co-founder and his company may have access to more than $100 million in cash since withdrawals started in June 2022.
“UST’s price falling below its $1.00 ‘peg’ and not quickly being restored by the algorithm would spell doom for the entire Terraform ecosystem, given that UST and LUNA had no reserve of assets or any other backing.” “Defendants solicited investors for these crypto assets by touting their profit potential,” said the SEC. “Defendants repeatedly stated that the crypto assets would increase in value based on Terraform’s development, maintenance, and promotion of its blockchain, protocols, and the entire Terraform ecosystem.”
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