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Cardano leads large caps with 31% gain, what's behind the move? Cardano leads large caps with 31% gain, what's behind the move? Samuel Wan * 1 day ago * 2 min read Will Ethereum Layer-2 chains survive after The Merge?Will Ethereum Layer-2 chains survive after The Merge? Will Ethereum Layer-2 chains survive after The Merge? Liam 'Akiba' Wright * 3 days ago * 3 min read From boom to gloom, the crypto investors now unable to pay their tax billFrom boom to gloom, the crypto investors now unable to pay their tax bill From boom to gloom, the crypto investors now unable to pay their tax bill Samuel Wan * 2 days ago * 2 min read Validator leaks secret LUNA 'war room' chat logsValidator leaks secret LUNA 'war room' chat logs Validator leaks secret LUNA 'war room' chat logs Liam 'Akiba' Wright * 11 hours ago * 4 min read Has the trilemma been solved by new a Polygon-backed layer 1 blockchain?Has the trilemma been solved by new a Polygon-backed layer 1 blockchain? 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Can blockchain offer the solution to crowdfunding? Liam 'Akiba' Wright * 1 week ago * 4 min read Helium founder: Nova Labs supports a decentralized internetHelium founder: Nova Labs supports a decentralized internet Helium founder: Nova Labs supports a decentralized internet Liam 'Akiba' Wright * 2 weeks ago * 3 min read Welcome Bonus: Sign Up & Get Up to $150 in BTC Get Started Terraform Labs caught moving $4.8M through shell companyTerraform Labs caught moving $4.8M through shell company Terraform Labs caught moving $4.8M through shell company Liam 'Akiba' Wright * 12 hours ago * 3 min read Korea> Terra > Crime Terraform Labs caught moving $4.8M through shell company Do Kwon may have just been caught laundering money through Terraform Labs into a Korean shell company called Kernel Labs [liam-wrigh][svg] Liam 'Akiba' Wright Jun. 1, 2022 at 11:00 am UTC 3 min read Updated: June 1, 2022 at 8:32 am Terraform Labs caught moving $4.8M through shell companyTerraform Labs caught moving $4.8M through shell company Cover art/illustration via CryptoSlate Share Tweet Post Share Post Email Want to work with us? CryptoSlate is hiring for a handful of positions! [INS::INS] It appears that Do Kwon may be in for more legal trouble as allegations arise accusing him of further financial crimes. FatManTerra, who seemingly never sleeps, has released information tying Do Kwon to a blockchain consultancy firm Kernel Labs. Money has allegedly been Korean news site also reported on the news stating, "National Tax Service was caught by the fact that last year, Terra received a virtual currency worth about 6 billion won from Terra." Do Kwon was fined last year for tax evasion and ordered to pay 100 billion won ($80M) in taxes. The amount is expected to rise over time as only realized gains are taxed for cryptocurrency in South Korea. The new allegations suggest that this is not the only crime for which he is now being investigated. Terra's legal woes Given the increasing number of legal battles on the horizon for Terraform Labs and Do Kwon, it is even more disconcerting that the entire Terraform Labs' legal team reportedly resigned in a mass walkout last week. The latest allegations suggest that Terraform Labs' sister company, Kernel Labs, received 6 billion won ($4.8 million) from Terraform Labs. While this could be a completely innocent transaction for consulting services, the recent actions of Do Kwon to remove any association of himself to Kernel Labs makes the transaction appear suspicious. The Korean news outlet KBS used a pseudonym for Kernel Labs, calling it "company K. However, there are references to Kernel Labs several times alongside Terraform Labs, suggesting it is the company in question. The official identity of the company, as reported by KBS, cannot be confirmed at this time, but Kernel Labs will be cited according to the allegations of our sources. Further, there is evidence linking Do Kwon to Kernel Labs through patents filed by the company. In addition, KBS reported the news in the following manner, "This is a blockchain consulting firm K in Seongsu-dong, Seoul. The office with the lab sign is full of computers." Company K and Do Kwon It may be reasonable to assume that KBS was attempting to leak the name without saying it outright, "Consulting firm K...office with the lab sign." Further, Do Kwon amended the original Luna Revival plan to remove reference to Kernel Labs in a highly suspicious move. A section that identified roles and responsibilities for the new Luna blockchain contained a reference to "TFL/Kernel Labs" but has since been amended to remove the reference to "Kernel Labs." Image 1 below is a cached version of the original proposal quoted in a user's comment. Image 2 is the revised proposal as it currently reads. proposal kernelproposal kernelImage 1 - Source: TerraStationrevised proposalrevised proposalImage 2 - Source: TerraStation According to KBS, Terra and Kernel Labs appeared indistinguishable to locals, reporting, "employees in a nearby office also say they looked like the same company as Terra." KBS also reported that they attempted to speak directly with several members of Terraform Labs, "all of whom declined to answer, saying, "Only a small number of people, including CEO Kwon Do-hyung, know the true nature of Terra and Luna." The fascination with the Terra collapse is likely to continue as more skeletons come out of the closet daily. The story is indeed not over, and CryptoSlate will be sure to keep you informed of all the latest developments. [liam-wright-auth][svg] Liam 'Akiba' Wright Journalist at CryptoSlate Liam first got into crypto by mining Dogecoin after hours at his video production company in 2013. Since then he has become a 'blockchain maximalist' and subsequently, a web3 strategic consultant. Posted In: Terra, Korea, Crime, People, Rumors Recent Terra Stories Terraform Labs caught moving $4.8M through shell companyTerraform Labs caught moving $4.8M through shell company Terraform Labs caught moving $4.8M through shell company Liam 'Akiba' Wright * 12 hours ago * 3 min read Terra confirms that some users received less LUNA than expected from the airdrop and is working on a solutionTerra confirms that some users received less LUNA than expected from the airdrop and is working on a solution Terra confirms that some users received less LUNA than expected from the airdrop and is working on a solution Anthony Clarke * 15 hours ago * 2 min read Terra DEX Mirror Protocol reportedly under attack - $2M already drainedTerra DEX Mirror Protocol reportedly under attack - $2M already drained Terra DEX Mirror Protocol reportedly under attack - $2M already drained Liam 'Akiba' Wright * 1 day ago * 3 min read Get an Edge on the Crypto Market Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis. 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Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies. In this article TerraTerra Terra LUNA (24h) $6.42192 -23.85% Vol: $959.5M MCap: $0 Terra (LUNA) is a public blockchain protocol that emerged from Terra Classic. Learn more Do KwonDo Kwon Do Kwon Founder & CEO @ Terraform Labs Info LinkedIn Twitter Do Kwon is the co-founder and CEO of Terraform Labs. Learn More Terraform LabsTerraform Labs Terraform Labs Development, Software Company in Asia Info Twitter Terra is a price-stable cryptocurrency designed for mass adoption. Learn More Edge Exclusives Behind the rise, fall, and rise of the TVL on Cardano (ADA)Behind the rise, fall, and rise of the TVL on Cardano (ADA) Behind the rise, fall, and rise of the TVL on Cardano (ADA) Andjela Radmilac * 17 hours ago * 4 min read The case for Bitcoin as a hedge against inflationThe case for Bitcoin as a hedge against inflation The case for Bitcoin as a hedge against inflation Samuel Wan * 6 days ago * 5 min read Inside GameFi: $1.1B poured into blockchain gaming in Q1Inside GameFi: $1.1B poured into blockchain gaming in Q1 Inside GameFi: $1.1B poured into blockchain gaming in Q1 Andjela Radmilac * 6 days ago * 4 min read Inside GameFi: A deep look at the fast-growing, play-to-earn crypto sectorInside GameFi: A deep look at the fast-growing, play-to-earn crypto sector Inside GameFi: A deep look at the fast-growing, play-to-earn crypto sector Andjela Radmilac * 1 week ago * 4 min read Featured Events TF6 Blockchain & Web3 ConferenceTF6 Blockchain & Web3 Conference TF6 Blockchain & Web3 Conference Jun 1, 2022 * Seattle, WA United States Blockchain Oracle SummitBlockchain Oracle Summit Blockchain Oracle Summit Jun 7, 2022 * Berlin, Germany EthBarcelonaEthBarcelona EthBarcelona Jul 6, 2022 * Barcelona, Spain GeckoCon: The Decentralized FutureGeckoCon: The Decentralized Future GeckoCon: The Decentralized Future Jul 14, 2022 * Virtual Event Buy BTC and 80 cryptos with 0% fees on credit/debit cardBuy BTC and 80 cryptos with 0% fees on credit/debit card Press Releases Chains.com Unveils Deep Space Society - a Million Free Unique NFTs on PolygonChains.com Unveils Deep Space Society - a Million Free Unique NFTs on Polygon Chains.com Unveils Deep Space Society - a Million Free Unique NFTs on Polygon Meta Apes Launches on BNB Application Sidechain to Give Gamers the Best of Both Web2 and Web3 GamingMeta Apes Launches on BNB Application Sidechain to Give Gamers the Best of Both Web2 and Web3 Gaming Meta Apes Launches on BNB Application Sidechain to Give Gamers the Best of Both Web2 and Web3 Gaming TF Blockchain #TF6: Seattle's Premier Blockchain and Web3 Conference TF Blockchain #TF6: Seattle's Premier Blockchain and Web3 Conference TF Blockchain #TF6: Seattle's Premier Blockchain and Web3 Conference The TON Foundation will allocate 170M Toncoin for a grant and sponsorship programThe TON Foundation will allocate 170M Toncoin for a grant and sponsorship program The TON Foundation will allocate 170M Toncoin for a grant and sponsorship program View All PRs > Submit PR > "Eightcap""Eightcap" Got a story tip? 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