Terraform Labs CEO Allegedly Hoarding New Terra (LUNA) Coin

On-chain records suggest that Terraform Labs CEO and co-founder Do Kwon has been cashing out Terra (LUNA) to a Binance wallet while shilling the new coin on Twitter.

According to assistant professor Jaewoo Cho of Hansung University’s On-chain Data Lab, Kwon allegedly sent 523,390 Terra(LUNA) to address terra1mdtes94sv3mtdqwj7zwxunmntc6u7778kus033 before the funds were transferred to Binance.

Kwon’s transfer activities were first revealed by cryptocurrency and finance researcher FatManTerra, who has been updating the Twitter community on developments following the crash of the TerraUSD stablecoin in May 2022. FatManTerra initially brought attention to Cho’s findings regarding Kwon’s alleged funds’ transfers.

According to Cho, terra1mdtes94sv3mtdqwj7zwxunmntc6u7778kus033 also sent 19,506 Anchor Protocol tokens to ETH address 0x6420a0AD226bfb6ce5eA3021d3D60D86694B6601 before the wrapped ANC was then transferred to Korean crypto exchange Coinone. If Coinone can identify the owner of terra1mdtes94sv3mtdqwj7zwxunmntc6u7778kus033, Cho says, then they can identify the recipient of Kwon’s LUNA 2.0 transfers.

These findings have come to light even as the TFL CEO has been actively promoting developments on the Terra 2.0 blockchain since it launched on May 27, 2022. Initially, Kwon boasted about the exchanges that would list the new Terra (LUNA) coin and then provided continuous updates to various projects occurring on the new blockchain to assure the community that development on the new blockchain was proceeding at a brisk pace. Som