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Do Kwon Accused of Stealing Hundreds of Millions From Terra Project

Hundreds of millions of dollars were taken from the Terra ecosystem prior to the crash, as new allegations blame Do Kwon.

Hundreds of millions of dollars were taken from the Terra ecosystem prior to the crash, as new allegations blame Do Kwon.

$80 million were taken each month prior to the LUNA/UST crash, employees told investigators from the Securities and Exchange Commission (SEC) reported WatcherGuru on Twitter.

Whistleblowers and online detectives have stepped out to disclose a complicated series of fraud and incompetent management claims since the loss of  $60 billion a month ago. 

Claims of money laundering suspicions, exploited and covered up code faults in the Mirror Protocol as well as the involvement of major industry insiders are some of the allegations made.

Investigations began shortly after, considering the seriousness and gravity of these allegations.

The downfall of the Terra Classic ecosystem is being investigated by the US and South Korean authorities.

On suspicions of fraud, Terraform Labs are being investigated by the South Korean authorities; meanwhile, whether the marketing around the Terra (UST) stablecoin violates federal investor protection guidelines is being looked into by SEC, according to the Financial Times: “SEC enforcement attorneys are looking into whether Terraform Labs, the firm behind the coin also known as UST, broke rules for securities and investment products.”

Aside from the Mirror Protocol inquiry, Terraform Labs informed that they are not aware of any new SEC investigations. Amid these allegations, many in the crypto community took to Twitter to react.

“LUNA rabbit hole goes deep,” Lark Davis, crypto YouTuber remarked on the matter. 

“Reminder that Do Kwon giving himself hundreds of millions (‘operating expenses’) isn’t just fraud – it actively exacerbated the collapse, since it removed critical liquidity from Curve & LUNA order books (making it easier for UST to depeg and harder for on-chain arb to catch up),” said the Twitter user FatMan.

Michaël van de Poppe, Founder of “Eight” crypto consultancy platform flat-out said that Do Kwon “deserves jail”.

In response to these comments, Do Kwon also took to Twitter on June 9 to respond that the narrative being painted is being held by misinformation and falsehood and vowed that the true information will be distributed.

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