Wednesday, August 10, 2022
Home Crypto News Market Further Transactions Evidence Backs Up SEC Investigations Showing Do Kwon Was Dumping...

Further Transactions Evidence Backs Up SEC Investigations Showing Do Kwon Was Dumping LUNA On Terra Community

- Advertisement -
Follow-Us-On-Google-News

 

Evidence derived from blockchain addresses reveals that Kwon and TFL dumped tokens before Terra collapsed.



New evidence discovered by FatMan and shared in a tweet reveals that Terra and its founder, Do Kwon, knew what would happen to Luna and UST before things went south for the two tokens.

What baffles the community is that Kwon and his company knew Luna and UST were going to implode but kept it secret and didn’t do anything to stop the implosion.

 

A recent report had already revealed that TFL employees confirmed to the US SEC that Do Kwon was warned of the impending doom months before it happened, but he chose to ignore it while siphoning company funds.

TFL Dumped Tokens Worth $240 Million

Apparently, TFL and Do Kwon had other plans for Terra. They went on a dumping rampage that saw TFL dump Luna tokens worth $240 million. Interestingly, that’s just one wallet that has been discovered. There’s a possibility that there are others that held vast amounts of company funds in terms of tokens.

In the case of the $240 million worth of tokens dumped by FTL, this auxiliary wallet was used to initiate a funding transaction to this other wallet. From there, multiple transactions were initiated, and tokens were sent to the KuCoin crypto exchange, where they were to be liquidated.

The multiple transactions were meant to curtail the dumping operation and make it look like the actions of many smallholders.

However, some people have dedicated their time to find out the truth. One follower gave a tip on finding the wallets that have been dumping tokens. It’s simple: Follow the money.

Is Kwon Headed Behind Bars?

Do Kwon and his company are already under investigation in South Korea due to tax evasion and the collapse of Terra. Following an ignored subpoena by the US SEC and interviews given by Terra employees, evidence is piling up about Kwon’s involvement in a money-laundering scheme. In convicted, Kwon could face either heavy fines or prison time.

- Advertisement -

Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Mark Bernnan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Midas Releases 3 CeDeFi Investment Strategies, Creates New Opportunities In The Bear Market

On August 10, 2022, Midas.Investments, a custodial CeDeFi platform, released three new investment strategies. The platform merges diverse approaches to digital asset management into...

Hotbit Shuts Down Trading, Deposit, and Withdrawal Services Indefinitely

  Leading cryptocurrency exchange Hotbit has announced that it will be suspending some of its important services indefinitely.  ...

US SEC and CFTC Require Hedge Funds To Disclose Their Bitcoin and Crypto Holdings

Regulators may want hedge funds to report crypto exposure. window.coinzilla_display = window.coinzilla_display || ; ...

Report: $540 Million Laundered by Crypto Criminals Through RenBridge

  A new report shows that over half a billion dollars were laundered by crypto criminals through a service called RenBridge. According to a recent study...

Metaverse Memecoin Tamadoge Raises $1 Million Midway Through Its Beta Sale

London, UK, 10th August, 2022, ChainwireTamadoge, the P2E metaverse meme coin, has raised $1 million after just 12 days of its beta sale. The...

Vitalik Buterin, Justin Sun, Binance, FTX Join 440 Addresses Receiving 0.1 Ethereum From Sanctioned Tornado Cash

  Binance and FTX Join the 440 Addresses That Received 0.1 ETH From Sanctioned Tornado Cash. window.coinzilla_display =...

Nigerians Can Now Pay Their Utility Bills With Bitcoin

  Cryptocurrency is now accepted for utility payments in Nigeria. window.coinzilla_display = window.coinzilla_display || ; ...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.