The US Securities and Exchange Commission has charged the 31-year-old founder of Terraform Labs with securities fraud. Large sums are said to have flowed out of Kwon’s company via a Swiss bank account.
Supposed to be in Serbia: fallen crypto entrepreneur Do Kwon.
The billion-dollar fraud at the crypto exchange FTX has drastically demonstrated the advantages of regulated financial service providers to owners of bitcoins and other cryptocurrencies. A small but growing number of Swiss banks are using the market turmoil to position themselves among investors as a serious alternative to unregulated crypto platforms. The US Securities and Exchange Commission is now dealing with these efforts.