Terraform Labs’ founder is continuously cashing out money
On-chain data records are showing that Do Kwon is continuously cashing out funds from the Terra2.0 ecosystem, while Terra Investors are hoping to make a profit.
Do Kwon is the founder of Terraform Labs. Terraform labs launched the Lunc coin & USTC stablecoin but after the failure of these two coins, Terraform Labs launched a new coin “Luna” without any stablecoin.
On 10 October, Jaewoo Cho, an assistant professor at Hansung University, shared information regarding the ongoing crypto activities by Kwon.
Cho accused Kwon that he sent 523,390 Terra(LUNA) to address terra1mdtes94sv3mtdqwj7zwxunmntc6u7778kus033 and the fund was transferred to the Binance exchange.
FatManTerra, a proclaimed Terra project insider researcher, was the first to identify Cho’s research. Cho also found the transactions link associated with Coinone Korean crypto exchange and claimed that if Coinone can confirm the owner of terra1terra1mdtes94sv3mtdqwj7zwxunmntc6u7778kus033 address then we can easily identify the recipient of Kwon’s LUNA 2.0 transfers.
A few days ago, The Luna Foundation Guard (LFG), said that the organization planned to distribute funds as soon as possible but failed because of the ongoing lawsuit & legal hurdles, which are going on against the Terra project team.
TerraFatMan responded to the claims of the LFG organization and said that funds that were under the holding of the LFG organization were seized by the enforcement agencies and the organization is only doing fake promises to the community.
In the USTC coin & LUNC coin, many people lost funds because both of the coins collapsed badly. Recently a bitcoin developer proposed a strategy to re-peg USTC value.
Read also: Collapsed Terra stablecoin USTC surges by 37%, Here is why?
