Do Kwon Secretly “Pocket” 80 Million Dollars A Month?

Terra’s Do Kwon seems to be even more trouble as the US Securities and Exchange Commission announced that it had a hand in Do Kwon’s money laundering activities. The agency also opened an investigation to find out about Terra’s sudden demise.

Do Kwon was investigated by the SEC

The SEC has begun investigating allegations surrounding Kwon Do-Hyung’s money laundering.

The US Securities and Exchange Commission reportedly discovered a situation in which $80 million (100 billion won) of company funds were sent monthly to different wallets to cover operating expenses. This is believed to have happened several months before Terra’s fall. According to the reports, this activity raised suspicions of money laundering on Do Kwon.

JTBC reports that the SEC secured internal statements revealing that “funds have flowed into dozens of crypto wallets.” One key insider said that CEO Terraform Labs had not received any official payment from the company.

The Securities and Exchange Commission (SEC) investigated Kwon Do-Hyung for violating the Securities Act, claiming that a blockchain service that can buy US stocks with Terra violates the Securities Act.

If the allegations are true, Kwon could face legal action in the United States. Currently, “Do Kwon is innocent until proven guilty of all charges before a court of law.”

After the damaging accusations and rumors surrounding himself and Terraform Labs, Do Kwon spoke out for the first time since Terra 2.0 was released. In the tweet, he mentioned that he would actively update the situation on Terra 2.0 and correct the untrue rumors.

In addition to clarifying the information, “Anchor’s developers criticized the project from the beginning, ” he did not speak out about his rumors of money laundering.

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