LUNA and Bitcoin scandal how Do Kwon converted illegal funds
Ivan Danchuk- 2 mins
The use of cryptocurrencies for criminal activities is not new, but they remain relevant today. One example of such criminal activity was an attempt to convert illegally acquired funds in the LUNA cryptocurrency into bitcoin. This case received many loud headlines in the media, but not everyone understood what actually happened.
What is LUNA?
LUNA is a cryptocurrency used for exchange within the Terra network, which allows for fast and cheap transactions between users. Its value depends on the overall popularity of the network and the demand for it.
What happened to LUNA?
Recently, LUNA has been very actively discussed in the crypto world, but not always in the context of legitimate actions. In this case, Do Kwon, the founder of the online store Tiki.vn, used LUNA to convert illegally acquired funds. As a result, he was detained, and Terra, the company that issued LUNA, blocked his wallet and prohibited transactions
How did Do Kwon convert LUNA to bitcoin?
To convert LUNA to bitcoin, Do Kwon used Binance, which is one of the largest cryptocurrency exchanges in the world. With the help of this exchange, he was able to sell LUNA and receive bitcoin on his wallet. However, this was done using illegal funds, which led to his detention and consequences for Terra.
Why is it so important to be careful with cryptocurrencies?
Cryptocurrencies, like any other means of payment, can be used for criminal activities, such as money laundering, fraud, etc. In addition, cryptocurrencies are not regulated by government authorities, which makes them less secure from fraudsters and other criminals. Therefore, it is important to be very careful and cautious when using cryptocurrencies and to prevent their illegal use.
Conclusion.
The case of Do Kwon is another reminder that cryptocurrencies can be used for criminal activities. It is important to be very careful and cautious when using cryptocurrencies, to prevent their illegal use and to comply with the law. Only in this case can cryptocurrencies become an effective means of payment and investment that not only remains relevant but also constantly evolves.
