Terra’s Do Kwon appears to be in even more danger, with reports that the US Securities and Exchange Commission has gotten its hands on Do Kwon’s money laundering operations. Terra’s precipitous collapse has also prompted the EPA to begin an investigation.
As per the reports by the South Korean news agency Naver and JTBC:
- “The US Securities and Exchange Commission recently conducted a remote video survey of some of Terra’s key designers and focused on inquiring about Terra’s poor design structure.”
The JTBC had earlier reported and forecasted the Terra ecosystem’s decline and collapse, according to Naver, but they had been disregarded.
SEC Got Its Hands on Do Kwon Money Laundering
According to reports, the US Securities and Exchange Commission identified a situation in which $80 million (100 billion won) of the company’s funds were moved to multiple wallets for operating expenses every month. This is said to have happened a few months before Terra’s demise. According to the reports, it was because of this activities that Do Kwon was suspected of money laundering.
The SEC has obtained internal statements that demonstrate “the funds went into hundreds of cryptocurrency wallets,” according to JTBC. Do Kwon had not received any official remuneration from the corporation, according to one of the key internal informants.
The Securities and Exchange Commission (SEC) has been investigating Kwon Do-Hyung for allegedly breaching the Securities Act by using a blockchain service to make it easier to acquire US securities through Terra.
Kwon could face legal action in the United States if the claims are proven to be genuine.
