Fugitive Crypto Star Withdraws Millions From Swiss Bank

South Korean crypto entrepreneur Do Hyeong Kwon and his company Terra Labs are under investigation by the US Securities and Exchange Commission (SEC) for allegedly withdrawing over 10,000 Bitcoin from their cryptocurrency empire and exchanging them for cash through an unnamed Swiss bank. Kwon’s stablecoin, TerraUSD, was supposed to maintain a stable value of $1, but it was less stable than advertised, leading to a price drop. Kwon allegedly convinced investors to invest large amounts of money to stabilize the price. Kwon’s whereabouts are unknown, and South Korean authorities are seeking extradition.

More: Fugtive Crypto Star Withdraws Millions From Swiss Bank (finews.com)


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