New transactions from Terra founder Do Kwon’s wallet documented funds flowing into Binance wallet. According to an expert, Kwon transferred a large amount of LUNA coins to his wallet prior to Binance fund transfers.
Terra founder continues to make money on LUNA coin
According to on-chain records, Terraform Labs CEO and co-founder Do Kwon is withdrawing LUNA coins to his Binance wallet while promoting the new cryptocurrency on Twitter. According to Blockchain expert Jaewoo Cho, Associate Professor at Hansung University, Kwon sent 523,390 Terra (LUNA) to his own wallet before being transferred to Binance.
Since 2022-09-13, DK sent 523,390 LUNA2.0 to seemingly his sub-account or a cooperator terra1mdtes94sv3mtdqwj7zwxunmntc6u7778kus033
Then the same amount LUNA was deposited to Binance with memo 103136234
PS. The account uses Korean "가스비는 넉넉하게^^"https://t.co/l91qrg58ks pic.twitter.com/eTJD9YKYyT
— 조재우(Jaewoo Cho)⚡️ (@clayop) October 10, 2022
Do Kwon’s tricks were spotted before
Cryptocurrency researcher FatManTerra, who has kept Twitter up to date since the May crash, was the name that announced Kwon’s transactions. In a recent tweet, Jaewoo Cho of Hansung University reports that Kwon moved 19,506 wrapped ANC tokens to the ETH address before transferring it to Coinone. These transactions came in the midst of the development activities of the new Blockchain Terra 2.0. The new Do Kwon was pulling LUNA coin into his wallet while promoting the new cryptocurrency.
Kwon initially boasted of the support of exchanges that will list the new Terra (LUNA). It kept the community constantly busy with updates on new projects. However, FatManTerra was among those who were aware of the scam at the time. He noticed the tricks Kwon made in new projects to raise funds just as he did in the original TerraUSD.
What is the reasoning for the shilling on twitter comment?
Do we know what these funds are for – e.g. who the wallets belong to / have been used for before?
— Tnut (@Teeznutz11) October 10, 2022
FatManTerra also asked the Korean government to freeze Kwon’s Binance accounts. When the South Korean court issued an arrest warrant for Kwon on September 14, 2022, the Luna Foundation moved 3,313 BTC to Binance wallet. After that, he transferred about $27 million to KuCoin. At the same time, $40 million moved to OKX. According to reports, both exchanges froze funds at the request of South Korean prosecutors.
Prospects for LUNC and LUNA coin
Kwon suggested that the network be reinitialized as a fork after Terra UST and LUNA crashed. This offer is not to protect the original tokens on the old Blockchain. It involved starting from scratch with new cryptocurrencies. Currently, LUNC, the crashed LUNA, is trading at $0.0002876. Still in the top 50 by market value.
However, token burn campaigns, supported by Binance, continue to return to their old prices. During the May crash, the Terra team minted 6 trillion new LUNAs to save the UST. This figure is more than the supply of several meme tokens. As you follow on Kriptokoin.com, Binance announced on October 10 that it burned approximately 3 billion Terra Classic (LUNC). It was worth roughly $1 million.
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