Cryptocurrency company Terra Labs secretly saved $ 3 billion after the Luna token crash

A study by analysts at CoinDesk Korea and Uppsala Security found that Terra Labs has more than $ 3 billion in USDT and UST. It is believed that these funds are untaxed and can be used to manipulate prices or launder money on exchanges and DeFi.

Analysts found that the funds were moved through 3 cryptocurrency wallets:

1. Defy service Abracatabra and Curve (0xa046a8660e66d178ee07ec97c585eeb6aa18c26c) — Interchange Wallet A;
2. Binance Exchange Ethereum (0×21ec2dbb3bfd2210a84bbc924466a70becddd572) — Exchange Wallet A;
3. Binance Exchange Terra Wallet (terra1ncjg4a59x2pgvqy9qjyqprlj8lrwshm0wleht5) — Distribution Wallet A — 100 055 002.

As a reminder, the South Korean prosecutor’s office is already investigating Do Kwon's tax evasion. In June 2021, the National Tax Service detected a «suspicious flow of money from a foreign corporation» that conducted transactions between Singapore and the Virgin Islands. It is also reported that Do Kwon evaded taxes on 50 billion won ($ 39 million) in profits and did not tax the purchase of an apartment for his family.

In a previous study, CoinDesk Korea and Uppsala Security found that the address believed to be responsible for the «fatal» Terra transaction belongs to Terraform Labs. This means that the crash was caused by internal actions, and not by external attacks, as previously thought. At that time, the address in question was 0x8d47f08ebc5554504742f547eb721a43d4947d0a, which is referred to as «Wallet A». In order to find its owner, the experts analyzed the transaction history. Then they discovered that other addresses were involved in the scheme, and the experts tracked the transactions. They concluded that these addresses were owned by the same person or organized group whose actions contributed to Terra’s collapse.