A Terraform Labs Employee Is Suspected of Stealing 80 Bitcoins Worth $2.4 Million During the Terra Crash

Jun 09,2022
KingData News: On June 9, Yonhap News reported, a Terraform Labs employee is suspected of stealing 80 bitcoins (about $2.4 million) during the Terra crash, when LFG announced it was selling most of its bitcoin holdings, leaving just over 300. Police received the information and opened a case on May 18, and has required the domestic exchange to freeze the relevant funds. The police are now tracking the whereabouts of the employee while determining the extent of the embezzlement.
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.