US SEC: Do Kwon and Terraform transferred more than 10000 Bitcoins and cashed out US $100 million through Swiss bank
According to reports, thesaid that and its company transferred more than 10000 Bitcoins from the project and exchanged some of them for cash through a .
Interpretation of this information:
The announcement that Do Kwon and his company have reportedly transferred over 10,000 Bitcoins from their project and exchanged some of the digital currency for cash through a Swiss bank has sparked concerns from regulators. The United States Securities and Exchange Commission (SEC) has released a statement expressing their concerns over the transfer and questioning the legality of the transactions.
While it is not uncommon for projects to transfer or exchange cryptocurrency, the transfer of such a large amount has raised eyebrows. The SEC’s statement suggests that they are concerned that the transfer may have been carried out in violation of securities laws, and they have called for an investigation into the matter. This implies that the transfer was not above board and raises questions about the motives and timing of the move.
The fact that some of the Bitcoins were exchanged for cash through a Swiss bank also adds another layer of concern as this could be seen as an attempt to hide the origin of the funds or avoid detection by regulators. Swiss banks have a reputation for their strict privacy laws, which have been used by some individuals and companies to evade taxes and avoid detection for illegal activities.
The news of the transfer has also led to speculation and concern about the future of the project and its potential impact on the wider crypto industry. The project has been lauded for its potential to disrupt the gaming industry by creating a decentralized platform that allows users to develop, publish, and play games using blockchain technology. However, the recent developments have raised questions about the stability and trustworthiness of the project, which may have a knock-on effect on investor confidence in the wider cryptocurrency market.
In summary, the transfer of over 10,000 Bitcoins from the project and the exchange of some of them for cash through a Swiss bank has raised concerns from regulators and the wider crypto community. The SEC has issued a statement calling for an investigation into the legality of the transaction, which suggests that there may have been a breach of securities laws. The use of a Swiss bank to exchange the currency for cash adds further concern over the motive and the possible attempt to avoid detection.
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