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HomeAltcoinsDo Kwon may withdrawn Terra to Binance wallet: Report

Do Kwon may withdrawn Terra to Binance wallet: Report

According to on-chain data, Do Kwon, the CEO and co-founder of Terraform Labs, has been withdrawing Terra (LUNA) to a Binance wallet while promoting the new token on Twitter.

As per Jaewoo Cho, Kwon reportedly transferred 523,390 Terra (LUNA) to address terra1mdtes94sv3mtdqwj7zwxunmntc6u7778kus033 before the funds were moved to Binance.

FatManTerra, a cryptocurrency and finance researcher who has been informing the Twitter community of events after the crash of the TerraUSD stablecoin in May 2022. FatManTerra was the first one to uncover Kwon’s transfer activities.

As per Cho, before the wrapped ANC was sent to the South Korean cryptocurrency exchange Coinone, Terra1mdtes94sv3mtdqwj7zwxunmntc6u7778kus033 allegedly sent 19,506 Anchor Protocol tokens to the ETH address 0x6420a0AD226bfb6ce5eA3021d3D60D86694B6601. 

Cho asserts that if Coinone can determine the proprietor of terra1mdtes94sv3mtdqwj7zwxunmntc6u7778kus033, they can determine the beneficiary of Kwon’s LUNA 2.0 transfers.

These discoveries have come to the forefront even with the TFL CEO supporting Terra 2.0 blockchain advancements since May 27, 2022. 

Kwon initially talked about the exchanges that will publish the new Terra (LUNA) coin before continuously updating the community on the many projects taking place on the new blockchain to reassure them that development was moving at brisk pace. 

Some of the projects include Phoenix, the first decentralised exchange for the blockchain, Luna Name Service, a domain name service with similarities to Ethereum Name Service, Soil Protocol, an NFT infrastructure layer for the blockchain and Unstoppable Domains.

However, FatManTerra isn’t buying Kwon’s sales pitch, drawing parallels with Kwon’s earlier strategies that were utilised to raise support for the initial TerraUSD stablecoin and push it into the top 10 cryptocurrencies by market capitalization.

Binance wallet

The Twitter commentator demanded Korean authorities to freeze the Binance accounts, where Kwon reportedly transferred a quantity of Terra (LUNA).

Kwon suggested that the associated Terra network be forked after the failure of the TerraUSD (UST) stablecoin and its sister coin Terra (LUNA). This idea would create two new coins, TerraUSD (UST) and Terra (LUNA), on a new chain while maintaining the existing coins on the old blockchain and rebranding them as TerraClassic (USTC) and Terra (LUNC).

LUNC was once worth $1 but is now just worth a few pennies. However, the community is not frightened.

However, the coin will have a difficult time achieving that price mark. At least six trillion LUNA were created during the May crisis due to the arbitrage mechanism between TerraUSD (UST) and Terra (LUNA), which helped UST maintain its peg.

Recently, Binance put into place a system that burns all LUNC fees from LUNC spot and margin trading pairs every Monday. At the time of publication, the exchange’s burned less than $1 million before October 10, 2022.

Additionally, the LUNC community has urged KuCoin and Coinbase to implement the same burn methods.

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