One Terra employee made $100m with $1.4k investment. Korea investigates company-wide scam.

GENERAL-NEWS

Google translation (source https://youtu.be/1LcFX9hjU2Y)

Kwon Do-hyung, who created the cryptocurrency Terra Luna, reported that there was a situation where he directly ordered the price manipulation, citing the prosecution's investigation yesterday. In addition to CEO Kwon, the prosecution has caught a situation in which 'plain employees' who worked at Terra have made astronomical profits through illegal investments. Prosecutors said that some employees earned 140 billion won by investing 2 million won. This is the exclusive coverage of reporter Lee Do-yoon. [Report] In July 2019, Luna Coin was opened to general investors and entered into trading. Subsequently, 'Terra-related' coins such as Mirror Token at the end of 2020 and Anchor Token in the following year appeared on the market one after another. However, Terra sold these tokens to employees and investors right before the launch. It's similar to how employees buy 'our stocks' in advance before the company goes public. An employee who worked at this time said, "Tera sold various tokens to employees at half price." The pre-purchase was a real 'jackpot'. This is because the related tokens also skyrocketed as Luna rose about 100 times in two and a half years after its release. Terra employees who bought tokens at a low price were sitting on a cushion of money. It was found that some employees realized profits of 140 billion won by investing only 2 million won. 70,000 times the principal. In terms of return, that's 7 million%. With this proceeds, some employees have also confirmed that they have bought luxury imported cars such as Lamborghini and expensive apartments. Prosecutors believe that several employees who worked as blockchain developers and design managers have achieved such astronomical profits, and are investigating the illegality of the process. It is not a normal investment performance, but it is possible that it was an 'organizational fraud' of the executives and employees, including CEO Kwon Do-hyung. Prosecutors believe that they made profits by raising the price as much as possible before disposing of Terra-related coins, and ordinary investors who did not know this suffered losses. Therefore, the prosecution is examining the preservation of additional collections before prosecution by identifying those suspected as 'criminal proceeds' among the assets earned by the employees.

Posted Nov 7, 2022, 2:21 PM UTC

27999
RipponeBronze•

Man, this coin was so shilled here.

I feel so bad for those who FOMOed because many were shilling it.

66
lifenvelopePlatinum | QC: CC 37, BTC 34 | ADA 11•

BTC maxis presents evidence nr.1

24
deathbyfish13 Free Range Moon Farmer•

More proof that bear markets make more BTC maxis. Its events like this that get people to go BTC only, and for good reason

16
ChaosUncagedTin•

Bear markets are good for sobering people up

3
Hawke64Platinum | QC: CC 199•

Perhaps I treated BTC maxis too harshly...

12
lifenvelopePlatinum | QC: CC 37, BTC 34 | ADA 11•

Me too!

7
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[removed]

1
[deleted]•

[removed]

1
bakraofwallstreetPlatinum | QC: CC 466 | Business 23•

say whatever you want about Satoshi, dude never even attempted to rugpull, really was a visionary for his time.

9
lifenvelopePlatinum | QC: CC 37, BTC 34 | ADA 11•

I only said good about him? Why so defensive? Luna Terra collapse is perfect argument why some are "BTC only folks". It proves their point. Satoshi is genius.

0
doivesPlatinum | QC: CC 313, ETH 85, ALGO 15 | ADA 20 | Privacy 37•

Even a broken clock is right twice a day. This is in no way making a case for just Bitcoin. Ethereum is just as solid.

0†
CryptoScamee42069Bronze | QC: CC 22•

Can anyone call themself a BTC maxi if they’re farming moons? Happy to take them off peoples’ hands.

0
lifenvelopePlatinum | QC: CC 37, BTC 34 | ADA 11•

Good question, maybe ask them?

1
beyourownsunshineGuess I’ll just stick to BTC•

Yep rip a pretty reasonable chunk of my portfolio. Definitely hurt a bit when it happened ngl

3
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[deleted]

2
Lunar_Horticulture sus as FA•

Some of it felt organised, wonder if it was coming direct from the Terra offices?

1
strongkhalSilver | QC: CC 84 | CRO 64 | ExchSubs 64•

Lots of coins got shilled here. Always do the opposite

Except for moons

1
Scarecrow4980•

after your first line, you should have said stay away from moons:P

1
[deleted]•

[removed]

1
strongkhalSilver | QC: CC 84 | CRO 64 | ExchSubs 64•

No moons are immune to the mojo of this sub

1
CryptoScamee42069Bronze | QC: CC 22•

Moons are the mojo of this sub

1
1nfinitusPlatinum | QC: CC 169 | ZIL 15 | r/WSB 15•

Needs to be a rule that if you see this sub shilling the same coin, do not buy it.

1
Scarecrow4980•

I'm glad I never touched it. I have a friend who lost his whole investment in luna. luckily he didn't put all his eggs into just luna.

1
Dr-McDaddyTin | r/WSB 26•

That should say something about Reddit…

1
kautzmanskate part time loss creator •

I threw some money at it near the end because in the midst of the bear market with everything free falling it was holding like an absolute beast. Now my $50 is in the ether

1
Dieselpump510Silver | QC: CC 71, ETH 60, CCMemes 21 | ADA 18 | TraderSubs 57•

Makes me grateful to be a shrimp amongst whales and big fish. I still get missed by the troll nets that are projects like Terra and Celsius. I do feel terrible for those that did get caught up and lost it all.

1
cryptoyourfacePlatinum | QC: XLM 30•

You can find a few posts in my history where I was pointing out just how dumb the architecture/implementation was, and of course there was no shortage of people telling me I didn't know what I was talking about. Sure, I'm anonymous on the internet, but we all know that the 1 star reviews on Google are the only reviews that matter and that principle applies as much to Reddit as anywhere else

1
The_Chorizo_BanditSilver | QC: CC 846, XRP 41 | TRX 28•

Everyone has to go through the rite of passage of listening to advice here and getting rekt before you can truly be one of the community. Nano was my induction, Luna was it for others. What’s next, nobody yet knows.

1
TNGSystems•

So was Loopring, if you remember that. So was Solana. So many projects with shady devs and phoney decentralisation.

BTC. ETH. ADA. Seems like almost anything else is a crapshoot.

1
letsdrinktothatPlatinum | QC: BTC 39, CC 27•

Distributing coins at a big discount to insiders before they are available to the public, sounds like standard practice in most crypto projects. Then again, most crypto projects are close to being scams, so I guess that fits.

59
StockTrixTin | CC critic•

but we know this. And we also know that (in the real vanilla world) 10x, 100x price increases are silly and possibly unsustainable.

that's why we invest ;)

Yolo - Get rich or die tryin'

6
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[removed]

1
To_be_honest_wit_yaTin | CC critic | SHIB 23 | Politics 18•

About right

1
Mashadow21Bronze | SHIB 25•

And crypto is unregulated.

1
TheOnlyVibemasterTin | CC critic | AvatarTrading 37•

Close to? ^i ^believe ^you ^mean ^are

1
CryptoScamee42069Bronze | QC: CC 22•

It’s only a scam if it fails - crypto

1
Real_Concept_4289Tin | CC critic•

They ever gonna find where he is?

11
Popular_Worry_9294Tin•

They believe he is somewhere on the run in Europe

6
StockTrixTin | CC critic•

Kwon On da Run

3
elcid2023Tin•

Kwon-vict

1
Scarecrow4980•

yep. "not in hiding" that's why they haven't found him yet:P

2
Oversizedbull69Tin | 3 months old•

Schengen can be paradise for him

1
eroskerosPlatinum | QC: CC 33•

Guys I think they are innocent, they only 72000x'd their investment /s

9
diskowmoskowPlatinum | QC: ATOM 23, CC 20 | r/AMD 92•

If you can enter a big project before seed rounds / VCs… it’s really possible. Heck, when it arrives at public sale, they are already 100x’ed.

1
Setyman Designated Cone Investigator•

People related to Do Kwon an Luna manipulating the market for their own gain?

What a surprise.

7
partymslPlatinum | QC: CC 702 | r/WSB 16•

It's not like their whole project has been exposed to be a ponzi scheme...

2
ShadyCryptoGuyTin•

Absolute shocker, who would've thought

2
1000xcoinsTin | 4 months old | CC critic•

So this is the guy who took my $5 Terra bag

4
phremesthrisTin | 1 month old | CC critic•

I've always wondered how much insider trading happens daily that we'll never know about. I'm guessing a lot

3
CryptoScamee42069Bronze | QC: CC 22•

A lot x infinity

1
PracticalStranger97Tin | 2 months old•

It will blow to surface one day, everything does. And here it goes.

3
N0tMacTin | CC critic•

And it keeps unfolding

2
n1ghsthade I suggest you do it now •

Paragraphs are overrated

2
Tavionnf•

Especially when everybody is just commenting the title.

1
loaded-diper33Platinum | QC: CC 83•

Considering it's a shitcoin it's understandable for it to do more than x10000 ^(/s)

2
AnusWithEbolaTin•

Hey probably he is just and honest lucky investor /s

2
CreepToeCurrentSea Username says it all•

Wow surely they made all that profit from pure, hardwork, right???

/s

2
ChoicevtTin•

I’m not shocked by this. Do Kwon was a total crook and SBF is next.

2
Funny_But_InhumaneTin | 1 month old | CC critic•

This man did it. What we all secretly wish to be able to do. Put 1k in take .1b out. To understand the human condition and volatile unregulated markets enough to invest early and exit quickly. Once an action like this is performed the exploit is known and automated.

2
SlowMotionPanicPlatinum | QC: CC 45 | Politics 1423•

Yeah, well, I made like $5 by just shitposting in live threads here.

I'm somewhat of a trader myself.

2
DurbanDawgTin•

Keeps getting worse and worse.

2
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1
Mundane-Farm-4117Platinum | QC: CC 91 | Stocks 10•

Nothing about Terra shocks me anymore

1