All eyes have been on Do Kwon and his crew at TerraForm Labs since the fall of Terra Luna and UST and the following introduction of Terra 2.0. Several allegations have been made against the founder and TfL, some of which are supported by good evidence. TFL and Do Kwon have also been the subject of South Korean investigations.
The United States Securities and Exchange Commission (SEC) is now involved. According to Naver, Do Kwon knew for months that terra was about to collapse. Kwon reportedly pulled out a large sum of money from the corporate treasury in those months.
Money Laundering Worth $80 MArab?
Du Kwon was reportedly eager to get as much money out as he could before Terra Luna went down. According to employees investigated by the SEC, Kya Kwon moved $80 million each month from corporate funds into hidden crypto wallets and international bank accounts. This is essentially money laundering, which the US government despises.
Furthermore, Do Kwon and the TFL could be in more danger than ever if these allegations are substantiated with solid evidence. In South Korea, two entities are already facing charges of tax evasion, with the taxpayer seeking a tax settlement and $78 million in fines.
interest rates went upased
According to additional reports from South Korean media, Do Kwon and TfL knew that Terra was on the verge of collapse months before the Luna and UST disasters.
Employees who were interrogated remotely testified that they informed Kwon about the threat posed by design flaws in the Terra ecosystem, but Kwon ignored their warnings and continued with his money laundering scheme . According to the Terra Anchor developer, Kwon intentionally increased interest from 3.6 percent to 20 percent a week before the launch, causing UST to crash.
