Terra founder sent $80 million in LUNA and UST to his wallet every month: FXStreet
According to data reportedly shared by SEC, Do Kwon cashed more than $80 million in Terra’s crypto monthly before the whole thing collapsed
According to a report by FX StreetTerra Do Kwon founder had taken care of his own well-being before LUNA and UST crashed by moving $80 million of these coins into his wallet and paying them out.
FXStreet cites SEC staffers, who preferred to remain unnamed, as the source of this compromising data.
SEC investigating Terra and Do Kwon
Terra and its founder Do Kwon are currently under investigation by the US SEC for suspecting Kwon of money laundering. Now the SEC is investigating the collapse of LUNA and UST.
According to South Korean news agency Naver and JTBC, the SEC recently conducted remote video surveillance of several of Terra’s top designers and chose to focus on Terra blockchain’s poor design structure.
Did Do Kwon Stole Terra’s Money?
According to the same news source, the SEC reported that more than $80 million worth of LUNA (now rebranded as LUNC) and UST were being moved monthly from the company’s funds and sent to different wallets, which ostensibly belonged to Do Kown, to cover operating expenses.
According to the SEC, the Terra chief started withdrawing these funds several months before Terra’s token crash. Therefore, the regulatory body found this suspicious and related to money laundering.
According to an unnamed high-ranking Terra employee, Kwon did not receive any official payments from Terra.
At this point, Kwon is suspected of violating the Securities Act as the SEC believes he could potentially buy US securities using Terra’s crypto. If these suspicions were true, Do Kwon would take legal action in the US
Crypto Twitter Response
Crypto Twitter has shown a somewhat neutral response to the fact that the Terra founder stole from it just before its collapse. However, some people have become outraged.
Crypto analyst Michael van de Poppe tweeted that he believes Kwon deserves to go to jail for getting away with a lot of money when LUNA investors lost tons of money. He also compared Kwon to the notorious American fraudster Bernie Madoff, who was imprisoned, and insisted that the same be done with Do Kwon.
The fact that Do Kwon has sent $80 million to his own wallet.
Frankly, he deserves jail.
Many investors have lost tons of money and he just leaves with a big pile of money.
Even Madoff went to jail.
He deserves it too.
— Michaël van de Poppe (@CryptoMichNL) June 9, 2022