Terraform Labs, co-founded by Do Kwon and Daniel Shin, sold 110,000 Convex Finance (CVX) tokens worth nearly $450,000 in the past two days.
In May, Terraform Labs moved 1.8 million CVX tokens worth nearly $8.7 million to a wallet address starting with “0x15A5” after 277 days of inactivity. Terraform Labs is one of the largest holders of Convex Finance (CVX) and locked up large amounts of tokens last year.
Do Kwon’s Terraform Labs sells CVX tokens
The address “0x15A5” associated with Terraform Labs switched 110,000 CVX tokens worth more than $450,000 to Tether (USDT) and Ethereum (ETH) on July 12 and July 13. It exchanged 60,000 CVX to USDT and 50,000 CVX to 107 ETH worth nearly 200,000.
Currently, there are 1.68 million CVX tokens (worth $6.7 million) left in the wallet address, which is the largest holder. This address received 1.83 million CVX from the Terraform Labs portfolio address. Interestingly, the one-million-dollar transaction raised questions in the crypto community nearly a year after the Terra-LUNA crisis, raising concerns about another challenge facing the industry.
However, the transactions came about during co-founder Do Kwon’s passport counterfeiting case in Montenegro and the US SEC’s ongoing lawsuit against Terraform Labs, Do Kwon and other affiliates. Do Kwon was sentenced to prison until the end of the year as Montenegro prepares for extradition to South Korea.
Meanwhile, Judge Jed Rakoff for the US SEC vs Terraform lawsuit said he will rule on the motion to dismiss the case on July 14. However, the judge refused that the case be tried by jury and the issuance of letters rogatory to Chai Corp and Daniel Shin.
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Terra (LUNA) and Terra Classic (LUNC) fell in price
Terra (LUNA) and Terra Classic (LUNC) prices fell after Do Kwon’s arrest in Montenegro in March and also after the judge found Do Kwon guilty last month.
The price of LUNA is currently trading at $0.587, down more than 50% after Do Kwon’s arrest. Meanwhile, the LUNC price is trading at $0.000084, up 1% in the last 24 hours. The price of LUNC has also dropped nearly 50% since Do Kwon’s arrest.
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Varinder has 10 years of experience in the Fintech sector, with more than 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles and newspapers. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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This post Terraform Labs Sells Tokens Ahead of Ruling in US SEC Vs. Terra and Do Kwon
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