Former Terraform Labs CEO Do Kwon reportedly has no recoverable assets as he converted most of the stolen funds from Terra Luna into Bitcoin.
in an effort to stop former Terra employees from selling things that might be tied to legal cases.
In addition to the residences in Seoul owned by former CEO Shin Hyun-seong and others, the prosecutors also filed foreclosure actions against their foreign-registered vehicles, lands in Hwaseong and Gapyeong in Gyeonggi-do, and Taean in South Chungcheong Province.Terra Luna was a booming crypto ecosystem based on the algorithmic stablecoin Terra-USD classic . However, the stablecoin depegged in May 2022, leading to a collapse of the $40 billion ecosystem within days.
What was initially thought to be a market-triggered event turned out to be a clear case of fraud, with former CEO Kwon at the center of it. According to on-chain data, In the 3 weeks leading up to the depeg, one entity dumped over $450 million of USTC on the open market. 4 days after their last sale, USTC started collapsing. And the entity behind the massive dump was none other than Terraform Labs.
TFL has been perpetrating the narrative that UST was "attacked". This is a false flag. In reality, TFL themselves weakened the Curve pool by irresponsibly dumping a massive amount of UST in a short timeframe. This reduced liquidity and severely weakened the peg.
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