Terraform Labs, co-founded by Do Kwon and Daniel Shin, sold 110,000<\/strong> Convex Finance<\/strong> (CVX) tokens worth nearly $450,000 in the last two days.<\/p>\n In May, Terraform Labs moved 1.8 million CVX tokens worth nearly $8.7 million to a wallet address starting with \u201c0x15A5\u201d after 277 days of inactivity. Terraform Labs is one of the largest holders of Convex Finance (CVX) and locked large amounts of tokens last year.<\/p>\n <\/p>\n Terraform Labs-linked address \u201c0x15A5\u201d swapped<\/a> 110,000 CVX tokens worth over $450,000 to Tether (USDT) and Ethereum (ETH) on July 12 and July 13. It swapped 60,000 CVX to USDT and 50,000 CVX to 107 ETH worth nearly 200k.<\/p>\n Currently, there are 1.68 million CVX tokens (worth $6.7 million) left in the wallet address, which is the largest holder. This address received 1.83 million CVX<\/a> from Terraform Labs wallet address. Interestingly, the transaction worth million almost a year after the Terra-LUNA crisis raised questions in the crypto community, sparking concerns about another challenge for the industry.<\/p>\n However, the transactions came amid co-founder Do Kwon’s passport forgery case in Montenegro and the US SEC’s ongoing lawsuit against Terraform Labs, Do Kwon, and other affiliates. Do Kwon was sentenced to remain in custody until the end of the year as Montenegro prepares for extradition to South Korea.<\/p>\n <\/p>\n Meanwhile, Judge Jed Rakoff for the US SEC vs. Terraform lawsuit said he will rule on the motion to dismiss the case by July 14<\/a>, However, the judge denied the case to be tried by a jury and issued letters rogatory to Chai Corp and Daniel Shin.<\/p>\n <\/p>\nDo Kwon’s Terraform Labs Sells CVX Tokens<\/h2>\n
![\"\"](\"https:\/\/secure.gravatar.com\/avatar\/f187fb5b7b3b0b9367ef83384cb40d5f?s=200&d=mm&r=g\")