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 the TerraForm Labs and Luna Foundation Guard (LFG) wallets also had a substantial amount 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.
After this Terra project shut down on May 7, blockchain security firms Uppsala Security and Coindesk Korea, with the help of on-chain data forensics, investigated the network outage.
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, he confirmed that Terraform Labs and Luna Foundation Guard transferred $7.4 billion in USDT, USDC, and UST to two Binance wallets. The on-chain data was used to prove that the wallet was owned 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 USDT (about 380 billion Won) was placed in an unidentified LFG exchange wallet, which was later discovered to have leaked 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.
