Terra’s creator, Do Kwon, is reportedly on the run after Interpol put him on its watch list. But he would still be relying on his LUNA sales, according to on-chain data collected by several commentators. What is he being accused of?
Do Kwon allegedly sent his LUNA’s to Binance
The move was reported by Jaewoo Cho, an assistant professor at Hansung University. It shows that Do Kwon allegedly sent 523,390 LUNA (the second version of the cryptocurrency) to a sub-account or collaborator:
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
This is relatively recent, as these transfers have taken place since 13 September 2022. At the current price, 523,390 LUNAs are worth over $1.2 million. As Twitter user FatManTerra pointed out, these transfers took place even as Do Kwon continues to assiduously promote Terra 2.0:
WADR I implore you to use some critical thinking as this is getting tedious with you
Historically Do Kwon’s MO has been: shill to retail to drum up liquidity, sell bags simultaneously. As above so below.
Who’s wallets: Do Kwon’s. Written in the tweet. Posted about tens of times
– FatMan (@FatManTerra) October 10, 2022
“Historically, Do Kwon’s modus operandi has been: shill [cryptocurrency] to small investors to drive up liquidity, sell his holdings at the same time. “
Do Kwon in troubled waters
If these facts prove to be true, it would of course pose a major ethical problem for Do Kwon. The man caused one of the biggest collapses in the ecosystem a few months ago, ruining some investors. Profiting from the 2.0 version of his project is therefore particularly questionable – not to mention the arrest warrants currently targeting him.
On Twitter, Do Kwon continues to promote LUNA, and denies having had his funds frozen by the South Korean authorities:
I don’t get the motivation behind spreading this falsehood – muscle flexing? But to what end?
Once again, I don’t even use Kucoin and OkEx, have no time to trade, no funds have been frozen.
I don’t know whose funds they’ve frozen, but good for them, hope they use it for good https://t.co/gSucKfqsxj
– Do Kwon (@stablekwon) October 5, 2022
As a reminder, the price of LUNA had experienced a flash spike about a month ago. Since then, the cryptocurrency has been living around $2.5 :
The rollercoaster ride of LUNA in its 2.0 version
No matter what happens at Do Kwon’s addresses, a band of die-hard investors still seem to faithfully follow the project, which has mutated in an attempt to survive. However, this trust remains limited, as the man is on the run and inconsistencies have been found in his communications.
