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Terraform Labs Sells Crypto Ahead Of Ruling In US SEC Vs Terra And Do Kwon

Terraform Labs sells tokens, from crypto in millions it received recently, ahead of ruling in the US SEC lawsuit against Terra and Do Kwon.

Published by

Varinder Singh

Published 13 Jul, 2023 | 12:51:36 PM UTC

Terraform Labs Sells Crypto Ahead Of Ruling In US SEC Vs Terra And Do Kwon

Terraform Labs, co-founded by Do Kwon and Daniel Shin, sold 110,000 Convex Finance (CVX) tokens worth nearly $450,000 in the last two days.

In May, Terraform Labs moved 1.8 million CVX tokens worth nearly $8.7 million to a wallet address starting with “0x15A5” after 277 days of inactivity. Terraform Labs is one of the largest holders of Convex Finance (CVX) and locked large amounts of tokens last year.

Do Kwon’s Terraform Labs Sells CVX Tokens

Terraform Labs-linked address “0x15A5” swapped 110,000 CVX tokens worth over $450,000 to Tether (USDT) and Ethereum (ETH) on July 12 and July 13. It swapped 60,000 CVX to USDT and 50,000 CVX to 107 ETH worth nearly 200k.

Currently, there are 1.68 million CVX tokens (worth $6.7 million) left in the wallet address, which is the largest holder. This address received 1.83 million CVX from Terraform Labs wallet address. Interestingly, the transaction worth million almost a year after the Terra-LUNA crisis raised questions in the crypto community, sparking concerns about another challenge for the industry.

However, the transactions came amid co-founder Do Kwon’s passport forgery case in Montenegro and the US SEC’s ongoing lawsuit against Terraform Labs, Do Kwon, and other affiliates. Do Kwon was sentenced to remain in custody until the end of the year as Montenegro prepares for extradition to South Korea.

Meanwhile, Judge Jed Rakoff for the US SEC vs Terraform lawsuit said he will rule on the motion to dismiss the case by July 14. However, Judge denied the case to be tried by a jury and issuance of letters rogatory to Chai Corp and Daniel Shin.

Also Read: Elon Musk Discloses Rationale Behind The Latest Twitter Lawsuit

Terra (LUNA) and Terra Classic (LUNC) Price Fell

Terra (LUNA) and Terra Classic (LUNC) prices fell after Do Kwon’s arrest in Montenegro in March and also after the judge found Do Kwon guilty last month.

LUNA price currently trades at $0.587, falling over 50% after Do Kwon’s arrest. Meanwhile, LUNC price is trading at $0.000084, up 1% in the last past 24 hours. LUNC price also fell nearly 50% since Do Kwon’s arrest.

Also Read: XRP Attorney To Withdraw From US SEC Vs Ripple Lawsuit

Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Published by

Varinder Singh

Published 13 Jul, 2023 | 12:51:36 PM

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