New processes for 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 before 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 wallet before being transferred to Binance.
Do Kwon’s tricks have been spotted before
Cryptocurrency researcher FatManTerra, who has kept Twitter up to date since the May crash, was the name that announced Kwon’s processes. Hansung University’s Jaewoo Cho reports in a new tweet that Kwon moved 19,506 wrapped ANC tokens to the ETH address before transferring it to Coinone. These processes 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 that the exchanges would list the new Terra (LUNA). He always kept the community busy with updates on new projects. But FatManTerra was in the midst of those who were aware of the scam, meanwhile. He noticed Kwon’s games to raise funds in new projects, just as he did in the original TerraUSD.
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. LUNC, which is currently the crashed LUNA, is trading at $0.0002876. It is still in the middle of the top 50 by market capitalization.
However, token burn campaigns, supported by Binance, continue to return to their old prices. During the May crash, the Terra group minted 6 trillion new LUNAs to save the UST. This number is more than the supply of several chest tokens. Koindeks.com As you follow, Binance announced on October 10 that it burned approximately 3 billion Terra Classic (LUNC). It was worth roughly $1 million.