Dogecoin Creator Reacts To Do Kwon Allegedly Cashing Out $80M Monthly Before LUNA Crash

Dogecoin (CRYPTO: DOGE) co-creator Billy Markus and other prominent crypto industry watchers were unsurprised at the latest allegations against Terra's (CRYPTO: LUNA) parent Terraform Labs (TFL) and founder Do Kwon. What Happened: On Thursday, Watcher News reported that TFL employees have confirmed to the U.S. Securities and Exchange Commission that $80 million of company funds were sent to “secret wallets” every month before the LUNA and TerraUSD (CRYPTO: UST) collapse.

Timeline of Dogecoin, Terra-luna-v2

The SEC starts investigating Terra's UST stablecoin collapse and the attorneys may have a reason to believe that the platform violated federal investor protection regulations so let's find out more today in our latest cryptocurrency news. Terra's UST stablecoin could be the subject of a US SEC investigation.

Whale a binance coin (BNB) has bought a large amount of Dogecoin, according to data shared by, a crypto data platform that monitors the activities of giants based on the Binance Smart Chain (BSC). The mysterious Binance, dubbed “Scarlet Witch” by the Reddit community, completed the trade earlier today.

@WatcherGuru claimed Terra staff told Securities and Exchange Commission (SEC) investigators that Do Kwon had been withdrawing $80 million a month before the LUNA/UST crash. The post Do Kwon accused of siphoning $8M a month from failed Terra project appeared first on CryptoSlate.

The price of LUNA2 shot up from $2 to as high as $3.58 during the day. The sudden spike in its price caused the liquidation of almost $4 million worth of trades on Bybit and Binance.

According to sources, SEC enforcement attorneys are also looking into whether Terraform Labs, the company behind the coin known as UST, violated securities and investment product rules. Through an algorithm and trade in a related token called Luna, the stablecoin was designed to maintain a 1-to-1 peg to the US dollar. It all began with …

FatManTerra, the source of many leaks surrounding the Terraform Labs, has announced that he has launched his own validator for LUNA 2. The post FatManTerra launches non-profit LUNA validator for UST compensation appeared first on CryptoSlate.

Dogecoin was among the hardest hit cryptocurrencies during the market crash of May which led to a massive drop in the market capitalization of the popular meme-inspired coin.  The post Dogecoin Market Cap Plunged More Than $6 Billion in May appeared first on BeInCrypto.

In a recently released statement, the Founder and Chief Executive Officer of Terraform Labs, Do Kwon, said that the level of misinformation in public surrounding the network is high. The post Terra's Do Kwon says there “are lots of misinformation” as reports emerge that SEC is investigating UST appeared first on CryptoSlate.

The tipping point for the crypto markets was the collapse of TerraUSD (CRYPTO: UST). This stablecoin was supposed to remain at $1, however, Terra lost its peg to the U.S. dollar and fell sharply, bringing the rest of the crypto market down with it.

All eyes have been on Do Kwon and his crew at Terraform Labs since the fall of Terra Luna and UST and the following introduction of Terra 2.0. Several allegations have been made against the founder and TFL, some of which are backed up by good proof. TFL and Do Kwon have even been the …