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.