Wednesday, August 10, 2022
Home Crypto News Market CoinDesk Korea Reports Do Kwon's Terra Has $3.6 Billion in UST and...

CoinDesk Korea Reports Do Kwon’s Terra Has $3.6 Billion in UST and USDT To Manipulate Prices or Launder Money

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

 

CoinDesk Reports That Do Kwon’s Terra took 4.6 trillion won in slush money.



After Terra’s May 7 crash, Uppsala Security and CoinDesk Korea investigated using on-chain data forensics. On June 14, the initial article tracked currency movement around the wallet (0x8d47f08ebc5554504742f547eb721a43d4947d0a) alluded to as the beginning point of the Terra collapse.

USDT, USDC, and UST totaling $7.4 billion were put into two Binance wallets; Terraform Labs and Luna Foundation Guard. On-chain data revealed it was his wallet (LFG). Coindesk Korea found out whether the Terra event was insider-related. Uppsala Security and CoinDesk Korea tracked the transfer of $3.6 billion in undisclosed assets.

The new allegations and according to research conducted by CoinDesk Korea, Terra Labs has roughly $3.6 billion in USDT and UST, which might be used to manipulate prices or launder money via cryptocurrency exchanges and decentralized financial institutions (DeFi). However, in order to validate this, the authorities will need to verify with Binance, Coinbase, Huobi, and Kucoin.

CoinDesk Korea report added that CEO Kwon Do-Hyung has disclosed the use of data such as LUNA, UST, and BTC through his SNS or Terra Foundation. For instance, if TerraUSD depegging (one dollar value mismatch) occurs, the foundation will defend the price with the cash it controls.

However, analysis of the on-chain data revealed that the source and use history of wallets directly owned or controlled by Terraform Labs and Luna Foundation Guard (LFG) is unknown.

The illicit monies discovered in this manner totaled $3.6 billion (about 4.6 trillion won) in UST (Tera USD) and USDT (Tether). Specifically, it was discovered that the funds may have been utilized for price manipulation and money laundering of the previous LUNA (now LUNC) in DeFi (Decentralized Finance) and controlled exchanges.

There have been other accusations of illegal activity against Kwon and his firm even before the Terra disaster. Kwon’s alleged $2 billion cash-out has been widely publicized, although he has vehemently denied it.

- 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

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 || ; ...

GALA, The World-Leading Web3 Company, Spearheads A New ERA Of Entertainment With GALA FILM

Jackson, USA, 9th August 2022, Chainwire Announce Partnership With Stick Figure Productions to Distribute Four Down Executive Produced by Dwayne Johnson and More. Gala, one of...

XRP Shuffling Continues, 375 Million XRP Moved Around Ripple, Exchanges, and Unknown Wallets 

  Whale Alert continues to keep tabs on these large XRP movements. window.coinzilla_display = window.coinzilla_display || ; ...

Ethereum Proof-of-Work Fork (ETHPOW) Driven By Miners To Abolish EIP-1559

  EIP-1559 will be abolished in the Ethereum proof-of-work (PoW) fork. window.coinzilla_display = window.coinzilla_display || ; ...

CryptoCom CEO: Crypto Industry Will Comeback Very Strongly

Crypto Industry Will Come Back Very Strongly, says the world's top exchange CEO. 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.