Investing.com – Things are not going well for TerreForm Lab founder and CEO Do Kwon. After the opening of an investigation by the South Korean authorities, the United States Securities and Exchange Commission (SEC) recently announced that Do Kwon was the subject of an investigation procedure.
South Korean news agencies Naver and JTBC, however, reported that the US Securities and Exchange Commission discovered that Do Kwon was sending assets worth $80 million every month as operating fees to different wallets.
However, it appears that these were not regular expenses, as according to the SEC these transactions only started a few months before the collapse of the stablecoins.
The SEC refers to a South Korean informant, collaborator of TerreForm Lab. The monthly $80 million has been paid out to several dozen wallets, although no official invoice has been issued. To the SEC, this looks like money laundering at this point.
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La Luna has admittedly managed to recover from its recent dip below $2.0, but currently, trading is once again trading in negative territory at $2.9250 with -0.93 percent.
As seen on the daily chart, the recovery from the low in the $1.8701 area was met with resistance at $3.3785. The closing price was at the level of the 150 percent Fibo expansion of $2.9957, which speaks to the importance of this zone. This is reinforced by the psychological threshold of $3.00.
Only with a daily close above this hurdle can an extension of the recovery be expected towards the 138.2 and 123.6 percent fibo extensions of 3.7032 and $4.5787.
Otherwise, expect the price to fall towards the support at the 161.8% Fibo expansion of $2.2882.
By Marco Oehrl