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A complaint filed by the United States Securities and Exchange Commission said co-founder Do Kwon and Terraform Labs laundered more than $100 million worth of from the platform following its collapse in May 2022.
According to the SEC complaint filed in the U.S. District Court for the Southern District of New York on Feb. 16, Kwon and Terraform have transferred more than 10,000 Bitcoin (BTC) 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 might have access to more than $100 million in cash since withdrawals started in June 2022.
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