Do Kwon Paid $80 Million a Month – Trustnodes

The founder of Luna, Do Kwon, was receiving 100 billion won, worth about $80 million, every month prior to the collapse of the project, South Korean media reports.

They claim the Securities and Exchanges Commission (SEC) has found transfers were made for months before the collapse.

“The funds flowed into dozens of cryptocurrency wallets,” a witness statement given to the SEC says.

These funds were transferred “for operating expenses,” but just what sort of expenses they were exactly, is not clear.

The public addresses of these wallets are not revealed. The Luna ‘classic’ was stopped, but the explorer still runs.

According to a statement prior to the collapse, the Luna project had a number of addresses, including the Terra Foundation reserves and the Luna Foundation reserves.

From here everything that’s happened on the Luna ‘classic’ blockchain can be seen, including any transfers of $80 million.

From what we can see, the Terra Foundation made transfers of three million Luna tokens every month since January, worth $360 million at the peak of $120 for what was Lun and is now called Lunc.

That’s quite a bit more than $80 million, but depends on what price is used and they may well be referring to something else.

Publicly however Do Kwon, whose actual name in South Korea is Kwon Do-hyung, seems to have moved on, focusing on Luna2 now as well as the usual projects, grants, yadayada. Like nothing happened.

However some $50 billion went up in smoke, so a lot of eyes are now looking at just what happened to some of the money, and where it went, with the big question of course being whether Do Kwon knew he was floating a sinking ship.