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On-Chain Data Suggests Do Kwon Still Cashing Out Terra Holdings

08/12/2022

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On-Chain Data Suggests Do Kwon Still Cashing Out Terra Holdings

On-chain information from the Terra blockchain means that Terra founder Do Kwon, who is needed by South Korean police, continues to be cashing out from his “shadow wallets.”

The declare that Do Kwon continues to be cashing out was shared on Twitter by the pseudonymous person FatMan, a well-liked Twitter person who previously has taken a number one function in exposing questionable practices round Terra.

According to FatMan, “seven figures” within the LUNA token has already been despatched from wallets managed by Do Kwon and to the crypto alternate Binance, with “round two” of promoting already underway.

“The relentless shilling on Twitter is happening for a reason. He’s already deep into round two,” FatMan wrote, hinting that Do Kwon is solely utilizing new buyers in his token as a type of exit liquidity for himself.

The declare by FatMan was additional backed up with particulars from Jaewoo Cho, a blockchain professional and assistant professor at South Korea’s Hansung University, who made it clear that Do Kwon has continued this apply since September 13 this 12 months.

The Terra blockchain and surrounding ecosystem collapsed spectacularly in May of this 12 months when the value of Terra’s algorithmic stablecoin UST in a matter of only a week went from $1 to $0.1. At the identical time, the value of Terra’s native token, LUNA, additionally collapsed, falling from $65 to $0.005 in simply 4 days.

In the previous, FatMan has publicly implored Do Kwon to “come forward and face his arrest warrants and court cases.”

The worth of LUNA (often known as LUNA 2.0) fell on Monday evening, though it’s unclear if the autumn is expounded to the claims that Do Kwon is promoting. As of press time on Tuesday, LUNA was down by simply over 5% over the previous 24 hours, buying and selling at $2.42.

LUNA previous 14 days. Source: CoinGecko Compiled by Coinbold

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