Big Update from Terraform Labs: The company, co-founded by Do Kwon and Daniel Shin, moved tokens worth millions just one year after the Terra-LUNA crisis.
Notable Transaction by Terraform Labs: The company, co-founded by Do Kwon and Daniel Shin, transferred Convex Finance (CVX) tokens worth millions to another wallet on Tuesday.
The transfer took place nearly a year after the Terra-LUNA crisis, which resulted in the loss of $40 billion in investors’ funds and led to a crackdown in the crypto market.
Do Kwon’s Company, Terra, Moves 1.8 Million CVX Tokens in Transfer
Terraform Labs, a major holder of Convex Finance (CVX), had previously locked significant amounts of tokens. On May 9, a wallet address linked to Terraform Labs transferred 1.8 CVX tokens, valued at almost $8.7 million, to a wallet address starting with 0x15A5. This transfer occurred after a period of 277 days of inactivity.
Based on information from Etherscan, Terraform Labs recently made two significant transfers. First, they sent 100 CVX tokens to the wallet address 0x15A5. This was followed by a larger transfer of 1.83 million CVX tokens, valued at $8.7 million, to the same wallet address. As of now, the wallet no longer holds any CVX tokens, but it does have Convex CRV (cvxCRV) tokens worth $26.5k.
Terraform Labs previously possessed more than 2 million vote-locked CVX tokens. However, these tokens were marked as invalid by the vote locking contract due to a period of inactivity. The last transaction involving CVX occurred on August 4, 2022. Therefore, the recent transfer of 1.8 million CVX tokens represents the first activity in 277 days.
An interesting observation is that the transaction, taking place nearly a year after the Terra-LUNA crisis, has sparked questions regarding the transfer of tokens valued in the millions.
Important Update: Terra co-founder Do Kwon has been arrested in Montenegro after being on the run for several months. Meanwhile, South Korean prosecutors are investigating the Terra-LUNA crisis and are also attempting to arrest co-founder Daniel Shin. Both South Korea and the US are seeking the extradition of Do Kwon.
Terra (LUNA) and Terra Classic (LUNC)
Exciting News for Terra and Terra Classic Communities! Terra (LUNA) and Terra Classic (LUNC) now have separate teams of developers and dedicated communities. Terra is actively partnering with other blockchain firms and Dapps to work on various projects, while Terra Classic is focused on revitalizing the chain by introducing several new developments aimed at enhancing its utility.
Latest Price Update: LUNA is currently trading at $0.95, experiencing an 8% decline in the last 24 hours. On the other hand, LUNC has seen a 6% drop within the past 24 hours and is currently being traded at $0.000083.
