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Do Kwon Keeps Withdrawing Money From Terra Despite Investors Still Hope

A report by FatmanTerra on Twitter shows that Terraform Labs CEO and co-founder Do Kwon moved Terra (LUNA) to a Binance wallet.

Do Kwon’s remittance activity was first revealed by crypto and financial researcher FatManTerra, who updated the Twitter community on developments following the TerraUSD stablecoin crash in May 2022.

According to assistant professor Jaewoo Cho of Hansung University Online Chain Data Lab, Do Kwon allegedly sent 523,390 LUNA to the address “terra1mdtes94sv3mtdqwj7zwxunmntc6u7778kus033” before the funds were transferred to Binance. FatManTerra initially drew attention to Cho’s findings regarding Kwon’s alleged fund transfer.

According to Cho, terra1mdtes94sv3mtdqwj7zwxunmntc6u7778kus033 also sent 19,506 anchor protocol tokens (ANC) to the ETH address 0x6420a0AD226bfb6ce5eA3021d3D60D86694B6601 before the crypto-wrapped ANC was moved to the South Korean exchange Coinone. Cho said, if Coinone can identify the owner of terra1mdtes94sv3mtdqwj7zwxunmntc6u7778kus033, then they can identify the recipient of Kwon’s LUNA 2.0 transfer.

These findings have come to light even as the CEO of TFL has been actively promoting development in the Terra 2.0 blockchain since its launch on May 27, 2022.

It seems like this is another Do Kwon stunt, as early as mid-May, Kwon bragged about exchanges listing LUNA 2.0 and then providing constant updates on various projects. is taking place on the new blockchain to reassure the community that the development of the new blockchain is happening at a rapid pace.

But FatManTerra disagreed with Kwon’s marketing argument, pointing to similarities with Kwon’s previous methods that were used to solicit support for the original TerraUSD stablecoin, placing it in the top 10 cryptocurrencies leading by market capitalization.

The Twitter expert asked the Korean government to freeze the Binance accounts where Kwon allegedly sent a Terra vault.

Kwon has yet to comment on the allegation, but most recently he tweeted denying rumors that his assets were frozen:

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.