‘Luna Crisis’ Kwon Do-hyeong stole 10,000 bitcoins and exchanged 130 billion in Switzerland from MoneyS

Kwon Do-hyung, CEO of Terraform Labs, a key figure in the ‘Luna Incident’, is known to have stolen 10,000 of them, converted them into cash, and deposited them in a bank in Switzerland.

On the 17th (local time), Bloomberg News reported that the US Securities and Exchange Commission (SEC) charged Kwon with fraud. The SEC found that Kwon kept 10,000 bitcoins in the Terra ecosystem in a cold wallet (a hardware cryptocurrency wallet not connected to the Internet), not a cryptocurrency exchange, and the money was periodically transferred to a bank Switzerland from May last year to be converted into cash. He said he did.

Mr Kwon withdrew more than 100 million dollars (130 billion won) from the Swiss bank in question from June last year until recently.

Kwon is suspected of committing fraudulent acts of at least $40 billion (about 51.7 trillion won), including the offering and sale of bearer securities, causing losses to individual and institutional investors.

The ‘Terra incident’, which rocked the cryptocurrency market as the value of Terra and Luna, the cryptocurrencies issued by Kwon’s Terraform Labs, plunged in an instant, happened in May last year. It appears that Mr. Kwon has been steadily stealing bitcoins from the Terra ecosystem since the Terra incident.

In September last year, the International Criminal Police Organization (Interpol) issued a red alert order against Kwon at the request of the Korean prosecution. The South Korean government is currently chasing Mr Kwon, who is on the run.

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