Did Do Kwon really send $80 million a month to secret wallets? The allegations surrounding the collapse of Terra Luna and UST continue to unfold, and one of the most damning is that Do Kwon, the founder, systematically siphoned off funds into numerous personal crypto wallets.
Do Kwon's Alleged $80 Million Monthly Cash Out: What We Know
The central claim revolves around the assertion that Do Kwon sent $80 million a month to secret wallets, allegedly diverting company funds for his personal benefit before the Terra Luna crash. This is not just speculation; The SEC reportedly received documents that confirmed Do Kwon had been cashing out $80 million every month from company funds into dozens of his crypto wallets. This detail, if proven true, adds another layer to the already complex legal challenges facing Kwon.
The LUNA Rabbit Hole: Deepening Suspicions
The scale of the alleged withdrawals has shocked many in the crypto community. It’s On the allegation that Do Kwon siphoned $80 million a month, crypto YouTuber Lark Davis commented that “the LUNA rabbit hole goes deep.” The suggestion is that this reported $80 million monthly transfer is just the tip of the iceberg, hinting at potentially more financial irregularities yet to be uncovered. Apparently Do Kwon Apparently, Do Kwon was very keen to cash out as many funds as possible before Terra Luna went down.
Employees Confirm Allegations to the SEC
Adding weight to the claims are reports that employees have corroborated the SEC's investigation. The interviewed employees have confirmed to the SEC that Do allegedly engaged in these large-scale transfers. This insider information could be crucial in building a strong case against Kwon.
FXStreet Report: Kwon's Self-Preservation
The motivation behind these alleged transfers seems to point towards self-preservation. According to a report by FXStreet, the founder of Terra Do Kwon took care of his own well-being before LUNA and UST collapsed by moving $80 million of these coins into these private wallets. This paints a picture of Kwon prioritizing his personal financial security while the Terra Luna ecosystem teetered on the brink of collapse.
The ongoing investigation into whether or not Do Kwon sent $80 million a month to secret wallets is a pivotal point in the Terra Luna saga. The outcome will have significant ramifications for Kwon, the remaining investors, and the future of cryptocurrency regulation.