Terra Founder sent $80 million in LUNA and UST to his wallets every month.According to a report by FXStreet, Founder of Terra, Do Kwon, took care of his own welfare before LUNA and UST crashed by moving $80 million worth of these coins to his wallets and cashing them out. FXStreet cites staffers of the SEC as the source. Terra and its Founder, Do Kwon, are currently being investigated by the U.S. SEC.
According to a report by FXStreet, founder of Terra Do Kwon had taken care of his own welfare before LUNA and UST crashed by moving $80 million worth of these coins to his wallets and cashing them out. Terra and its founder Do Kwon are currently being investigated by the U.S. SEC as they suspect Kwon of money laundering. Now, the SEC is investigating the collapse of LUNA and UST.
According to the news resources the SEC reported that more than $80 million worth of LUNA (now rebranded as LUNC) and UST were moved from the company’s funds on a monthly basis and sent to various wallets, which seemingly belonged to Do Kown, to cover operational expenses.
According to the SEC, the Terra chief began withdrawing these funds several months before the crash of Terra’s tokens. Therefore, the regulatory agency found this suspicious and related to money laundering.As per an unnamed high-ranked Terra employee, Kwon did not receive any official payments from Terra.
Crypto Twitter has shown a somewhat neutral reaction to the fact of the Terra founder stealing from it right before the collapse. However, some people have become indignant.
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