LUNA Crashes as Do Kwon Cashed Out $80M in April

Reports said that Terraform Labs staff confessed to the SEC that Do Kwon cashed out $80 million in April.
FatManTerra said it was not necessary Do Kwon who cashed out.
LUNA 2.0 is in another free fall.

The second iteration of LUNA appears to be in another free fall, as reports surfaced saying Do Kwon cashed out $80 million one month before the Terra 1.0 collapse in May.

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According to various sources, some Terraform Labs employees have confided to the US Securities and Exchange Commission (SEC). In detail, the employees said that Do Kwon took out over $80 million from the company’s coffers into multiple cryptocurrency wallets.

However, Twitter account FatManTerra, who claims to have been in contact with various whistleblowers, said that it is not necessarily Kwon who cashed out.

The new developments came as the embattled LUNA 2.0 has experienced one of its lowest days so far. Within the last 24 hours, LUNA price has reached an all-time low (ATL) of $1.98. Somehow, the cryptocurrency recovered, although the question is for how long it will hold. At the time of writing, LUNA price is $2.85, according to CoinGecko.

Kwon has yet to make a statement regarding the latest allegation against him. He has made his Twitter profile private. Meanwhile, he published a thread in which he expressed his excitement for the Terra community at this juncture.

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Jesus Dawal

Jesus Dawal Jr covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.