You're right, it does sound a bit nasty. No, I haven't read the license myself. It's been brought up multiple times on official Qt blog comments and mailing lists, though.
Edit: checked it now, and it's clearly written at https://www.qt.io/faq/, "Developing with a Commercial License":
> Q: If I have started development of a project using the open source version (LGPL), can I later purchase a commercial version of Qt and move my code under that license?
> A: This is not permitted without written consent from The Qt Company. If you have already started the development with an open-source version of Qt, please contact The Qt Company to resolve the issue.