According to data reportedly shared by the SEC, Du Kwon cashed in over $80 million in Terra’s crypto on a monthly basis before the whole thing collapsed.
According to a report by FXStreet, the founder of Terra Do Quon took care of his own well-being before the LUNA and UST crashed by moving $80 million worth of these coins to his wallet and redeeming them.
FXStreet cites SEC employees, who prefer to remain anonymous, as the source of this settlement data.
The SEC Is Investigating Terra and Do Kwon
Terra and its founder Do Kwon are currently being investigated by the US SEC as they suspect Kwon of money laundering. Now, the SEC is investigating the collapse of LUNA and UST.
According to South Korean news agencies Naver and JTBC, the SEC recently conducted some remote video surveillance of several of Terra’s top designers and chose to focus on the poorly designed architecture of the Terra blockchain.
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Was Kwon stealing 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 moved from company funds on a monthly basis and sent to various wallets, seemingly That was from Do Kown. Cover operating expenses.
According to the SEC, the Terra chief began withdrawing these funds several months before the Terra token crash. Therefore, the regulatory agency found it suspicious and related to money laundering.
According to an unnamed high-ranking Terra employee, Kwon did not receive any official payments from Terra.
Currently, Kwon is suspected of violating the Securities Act because the SEC thinks he could possibly buy US securities using Terra’s crypto. Should these suspicions be true, Do Kwon will be ready for legal action in the US
crypto twitter reaction
Crypto Twitter has shown a somewhat neutral reaction to the fact that it was stolen just before the downfall of the founder of Terra. However, some people are outraged.
Crypto analyst Michael van de Pope tweeted that he believed Kwon deserved to go to jail for escaping a lot of cash while LUNA was losing investors a lot of cash. He also compared Kwon to the notorious American fraudster Bernie Madoff, who had been imprisoned, insisting that the same should happen to Du Kwon.
The fact that Do Kwon is sending $80 million toward his own wallet.
To be honest, he deserves jail.
Many investors have lost a lot of money and just walk away with a big bunch of money.
Even Madoff ended up in jail.
He deserves it too.
— Michael van de Pope (@CryptoMichNL) 9 June 2022
