Do Kwon Accused of Sending $80 Million a Month to Secret Wallets


Key Takeaways: 

  • Charges of money laundering are being raised against Do Kwon. 
  • The SEC has carried out a video survey against the founder. 

Since the downfall of Terra Luna, its founder, Do Kwon has been facing several allegations from the authorities. Investigation regarding the sudden market crash is already underway. Recently, the US Securities and Exchange Commission has dug up evidence of money laundering against Kwon. 

According to the reports shared by Naver and JTBC published on JTBC, the SEC conducted a “remote video survey” of some key designers of Terra to gain a better understanding of the poor design structure The survey revealed that Do Kwon received several warnings from the key designers regarding the collapse of Terra and Luna, but he ignored them. 

Findings of the SEC also revealed that company funds worth almost 100 billion won were being transferred every month to several secret wallets and were categorized as operating expenses. One insider statement revealed that Kwon never officially received any payment from the company and that there was no token set for him. 

Kwon will be punished according to US law if charges of ‘money laundering’ against him turn out to be true. 

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