Do Kwon Cashing Out $80 Million One Month Before LUNA and UST Collapse

The U.S. Securities and Exchange Commission conducted video interviews with Terra employees. According to the Korean media, this reveals new facts about CEO Do Kwon’s fraud.

Employees said their head sent $80 million each month to different wallets. This was ostensibly to cover operating expenses. Such transfers began months before the company’s problems.

JTBC reporters write that the SEC received data on the transfer of funds to dozens of different crypto wallets. An informant said that the money was not official payments from Terra.

If such facts are proven, Do Kwon could face legal action in the United States. The Terra CEO is now being investigated by South Korean authorities.

In previous interrogations, Terra employees admitted that they were initially aware of the project’s problems. However, they feared a harsh response from their director, Do Kwon.

Recently, one of Terra’s validators leaked screenshots of the team’s correspondence at the time of the collapse. They show that the project was in chaos. Some validators couldn’t even shut down the blockchain on the first try.

Meanwhile, another stabelcoin could repeat the sad story of UST. We are talking about the USDN coin from the WAVES blockchain.