The post Is Terra Labs Involved in Price Manipulation With $3.6B USDT & UST? Decoding the Truth appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
Terra Labs may have roughly $3.6 billion in USDT and UST, as shown in a CoinDesk Korea article. According to the news source, the money could be used for exchange and DeFi price gouging or financial fraud.
Nevertheless, officials will need to verify the same with exchanges like Binance, Coinbase, Huobi, and Kucoin.
Do Kwon, CEO of TerraForm Labs, has so far declared his assets via his SNS or Terra Foundation. Among these are LUNA (Terra), UST (Terra USD), and BTC (Bitcoin). In the event of UST (Terra USD) collapse, the company was expected to safeguard prices with the currency owned by them.
On the other hand, on-chain data analysis indicated that TerraForm Labs and Luna Foundation Guard (LFG) wallets also had a substantial quantity of money from unidentified resources.
The entire amount of illegal funds found throughout this way totaled $3.6 billion. This also includes UST (Terra USD) and USDT (Tether). The funds has been used to influence markets and commit fraud for the present LUNC (the old LUNA) on DeFi and regulated exchanges, according to the investigation.
Once that Terra project went down on May 7, blockchain security firms Uppsala Security and Coindesk Korea, with the help of on-chain data forensics, investigated how the network went down.
Investigators tracked the movement of money towards a wallet that multiple analysts have claimed as the source of the Terra crash. 0x8d47f08ebc5554504742f547eb721a43d4947d0a is the wallet address.
As a result, it confirmed that Terraform Labs and Luna Foundation Guard had moved $7.4 billion in USDT, USDC, and UST into two Binance wallets. On-chain data was utilized to prove that the wallet was held or managed by (LFG).
Uppsala Security and CoinDesk Korea conducted further on-chain data analysis to track the passage of unknown funds valued at around $3.6 billion. Now there is unexpected evidence of UST collapse.
On May 6, a day before LUNC fell, 300 million USDTs (approximately 380 billion Won) were placed into an unidentified LFG exchange wallet, which was later discovered to have fled to another Binance Exchange Wallet.
This money can no longer be tracked via on-chain data analysis since it was moved from the exchange wallet.