CoinDesk Reports That Do Kwon’s Terra took 4.6 trillion won in slush money
After Terra’s May 7 accident, Uppsala Security and CoinDesk Korea examined utilizing on-chain information legal sciences. On June 14, the underlying article followed money development around the wallet insinuated as the starting mark of the Terra breakdown.
USDT, USDC, and UST adding up to $7.4 billion were placed into two Binance wallets; Terraform Labs and Luna Foundation Guard. On-chain information uncovered it was his wallet (LFG). Coindesk Korea saw if the Terra occasion was insider-related. Uppsala Security and CoinDesk Korea followed the exchange of $3.6 billion in undisclosed resources.
The new claims and as per research directed by CoinDesk Korea, Terra Labs has generally $3.6 billion in USDT and UST, which may be utilized to control costs or launder cash through cryptographic money trades and decentralized monetary foundations (DeFi). Notwithstanding, to approve this, the specialists should confirm with Binance, Coinbase, Huobi, and Kucoin.
CoinDesk Korea report added that CEO Kwon Do-Hyung has uncovered the utilization of information like LUNA, UST, and BTC through his SNS or Terra Foundation. For example, if TerraUSD depegging (one dollar esteem confound) happens, the establishment will protect the cost with the money it controls.
In any case, examination of the on-chain information uncovered that the source and use history of wallets straightforwardly claimed or constrained by Terraform Labs and Luna Foundation Guard (LFG) is obscure.
The illegal monies found thusly added up to $3.6 billion (around 4.6 trillion won) in UST (Terra USD) and USDT (Tether). In particular, it was found that the assets might have been used for value control and tax evasion of the past LUNA (presently LUNC) in DeFi (Decentralized Finance) and controlled trades.
There have been different allegations of criminal behavior against Kwon and his firm even before the Terra debacle. Kwon’s claimed $2 billion money out has been broadly advanced, in spite of the fact that he has fervently denied it.