SEC Finds Do Kwon Suspected of Money Laundering Months Before Terra’s Collapse

Jun 09,2022
KingData News: The SEC found that in the months before Terra collapsed, about 100 billion won (about $80 million) of company funds per month were spent on operating expenses, suspected of being part of DO kwon’s money laundering. An in-house core builder claimed that "funds flowed into dozens of cryptocurrency wallets." If the allegations are proven, DO kwon will likely be punished under US law.
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.