Terraform Labs Moves Tokens Worth Millions A Year After Terra-LUNA Crisis

Terraform Labs, co-founded by Do Kwon and Daniel Shin, transferred Convex Finance (CVX) tokens worth millions to another wallet on Tuesday. The transfer has come almost a year after the Terra-LUNA crisis that duped $40 billion in investors’ money and started a crackdown of the crypto market.

Do Kwon’s Firm Terra Transfers 1.8 Million CVX

Terraform Labs is one of the largest holders of Convex Finance (CVX) and locked large amounts of tokens last year. On May 9, Terraform Labs-linked wallet address moved 1.8 CVX tokens worth nearly $8.7 million to a wallet address starting with 0x15A5, after 277 days of inactivity.

As per Etherscan data, Terraform Labs transferred 100 CVX tokens to the wallet address 0x15A5. It followed another big transfer of 1.83 million CVX worth $8.7 million to the wallet address 0x15A5. The wallet currently has no CVX tokens now, but holds Convex CRV (cvxCRV) tokens worth $26.5k.

Terraform Labs held over 2 million vote-locked CVX, but it was marked invalidated from vote locking contract due to inactivity. The last CVX transaction was on August 4, 2022, making today’s transfer of 1.8M CVX the first activity after 277 days.

Interestingly, the transaction almost a year after the Terra-LUNA crisis has raised questions about transfers of tokens worth millions.

Terra co-founder Do Kwon was arrested in Montenegro after being on the run for several months. Meanwhile, South Korean prosecutors continue their investigation of the Terra-LUNA crisis, while also seeking the arrest of co-founder Daniel Shin. South Korea and the US are seeking Do Kwon’s extradition.

Also Read: US SEC Is Reportedly Close To Taking Enforcement Action Against Binance

Terra (LUNA) and Terra Classic (LUNC)

Terra (LUNA) and Terra Classic (LUNC) now have their different developer teams and community. Terra working on projects in collaboration with other blockchain firms and Dapps, while Terra Classic working on bringing back utility to the chain with several developments.

LUNA price is trading at $0.95, down 8% in the last 24 hours. LUNC price fell 6% in the past 24hrs, with the price currently trading at $0.000083.

Also Read: Binance Expands Support For PEPE and FLOKI, Price To Rally?

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.