Terraform Labs Transfers 1.8M CVX Tokens Worth $8.7M

Terraform Labs, a company co-founded by Do Kwon and Daniel Shin, has transferred 1.8 million Convex Finance (CVX) tokens worth almost $8.7 million to an inactive wallet address starting with 0x15A5. As one of the largest holders of CVX, Terraform Labs had previously locked large amounts of tokens. The recent transfer comes almost a year after the Terra-LUNA crisis, which caused investors to lose $40 billion and resulted in a crackdown on the cryptocurrency market. Interestingly, this latest transfer of tokens worth millions has sparked questions about its purpose. The price of LUNA is currently trading at $0.95, a decrease of 8% over the last 24 hours. The price of LUNC has also decreased by 6% in the past 24 hours and is currently trading at $0.000083.