The post Terraform Labs Shocks Crypto Community with Million-Dollar Token Transfer appeared first on Coinpedia Fintech News
The crypto community was left stunned when Terraform Labs, co-founded by Do Kwon and Daniel Shin, executed a substantial transfer of Convex Finance (CVX) tokens to another wallet on May 9.
Awakening the Sleeping Wallet
Terraform Labs, recognized as a major holder of Convex Finance (CVX) tokens, had locked a considerable number of tokens in the previous year. Data from Etherscan reveals that on May 9th, a wallet linked to Terraform Labs moved 1.8 million CVX tokens, estimated to be worth around $8.7 million, to another wallet starting with the address 0x15A5. This transaction marked the end of a 277-day inactive period for the wallet.
A smaller transaction of 100 CVX tokens was also sent to the 0x15A5 wallet address by Terraform Labs. As a result of these transfers, the wallet no longer holds any CVX tokens but does contain Convex CRV (cvxCRV) tokens valued at approximately $26.5k.
Breaking the Inactivity Streak
Previously, Terraform Labs possessed over 2 million vote-locked CVX tokens. However, due to a lack of activity, these tokens were invalidated from the vote-locking contract. The last CVX transaction happened on August 4, 2022, meaning that this recent transfer of 1.8 million CVX tokens signifies the first activity in 277 days.
Separate Journeys for Terra and Terra Classic
Post-crisis, Terra (LUNA) and Terra Classic (LUNC) have developed distinct developer teams and communities. While Terra now concentrates on working alongside other blockchain companies and decentralized applications (Dapps), Terra Classic is committed to restoring utility to the chain through a series of developments.
Extradition Tug-of-War for Do Kwon
Do Kwon, the former CEO and co-founder of the defunct Terraform Labs, is facing potential extradition to both South Korea and the United States. Kwon was apprehended in Montenegro in late March while attempting to leave the country using a fake passport.
South Korean prosecutors insist that Kwon should face criminal charges in his home country, claiming that this would be the most favorable outcome for the victims. Meanwhile, U.S. authorities are also seeking his extradition to North America.
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