US Authorities: "Kwon Do-hyung Embezzled 10,000 Bitcoins and Cashed Out"

[Asia Economy Reporter Yu Je-hoon] Bloomberg reported on the 17th (local time) that Terraform Labs CEO Kwon Do-hyung, who is currently on the run, embezzled more than 10,000 Bitcoins, converted them into cash, and deposited the funds in a Swiss bank. Terraform Labs is the issuer of the cryptocurrency Terra USD (UST) and Luna.

According to the report, the U.S. Securities and Exchange Commission (SEC) filed charges against CEO Kwon for fraud, highlighting these details. According to the indictment, CEO Kwon had stored 10,000 Bitcoins in a "cold wallet" (a physical cryptocurrency storage not connected to the internet) and had been regularly transferring them to a Swiss bank since May of last year, converting them into cash.

As of this day, the price of Bitcoin is around $24,000. 10,000 Bitcoins amount to $240 million (312 billion KRW). Additionally, the SEC revealed that CEO Kwon withdrew more than $100 million (130 billion KRW) from the Swiss bank from June of last year until recently. The name of the Swiss bank has not been disclosed.

[Image source=Yonhap News]

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