All eyes have been on Do Kwon and his crew at Terraform Labs for the reason that fall of Terra Luna and UST and the next introduction of Terra 2.0. A number of allegations have been made in opposition to the founder and TFL, a few of that are backed up by good proof. TFL and Do Kwon have even been the topic of a South Korean probe.
The Securities and Change Fee (SEC) of the USA is now concerned. Do Kwon, according to Naver, had been conscious for months that Terra was about to break down. Kwon allegedly pulled out a big sum of cash from company coffers over these months.
Cash Laundering Value $80 Million?
Do Kwon was reportedly wanting to money out as a lot cash as he might earlier than Terra Luna went down. Do Kwon transported $80 million every month from company funds to hidden crypto wallets and worldwide financial institution accounts, based on the workers examined by the SEC. That is basically cash laundering, which the US authorities despises.
Moreover, Do Kwon and TFL might be in even better hazard than they’re already if these prices are substantiated with strong proof. In South Korea, the 2 entities are already dealing with tax evasion allegations, with the taxman looking for $78 million in tax settlements and fines.
Curiosity Charges Have been Increased
In response to further studies from South Korean media, Do Kwon and TFL had been conscious that Terra was on the verge of collapsing months earlier than the Luna and UST disasters.
The workers in query, who had been interrogated remotely, testified that they knowledgeable Kwon in regards to the looming risk posed by the Terra ecosystem’s design defects, however that Kwon ignored their warnings and continued along with his cash laundering scheme. Do Kwon Intentionally Raised Curiosity From 3.6 % to twenty % A Week Before Launch, according to Terra Anchor Developer, inflicting UST to crash.
