Terraform Labs founder Do Kwon is once again at the center of a high-profile cryptocurrency scandal, with the U.S. Securities and Exchange Commission filing a lawsuit against him and his company, alleging that they engaged in fraudulent activities that led to losses of at least $40 billion.
The allegations stated that Kwon and his team transferred more than 10,000 Bitcoin (CRYPTO: BTC) from their failing project into a so-called “cold wallet” and then moved the assets to a Swiss bank, according to a Bloomberg report.
The funds were then converted to cash, with …
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