The transactional history of that wallet showed it regularly sent huge amounts of UST to crypto exchange Binance. Uppsala showed that the wallet transacted with several other Terra wallets such as “terra1gr0xesnseevzt3h4nxr64sh5gk4dwrwgszx3nw” (referred to as terra1gr). This aroused suspicions at Uppsala – since terra1gr was one of the official wallets of the Luna Foundation Guard (LFG), which was set up by Kwon and other Terraform Labs officials to create a reserve for the "algorithmic" protocol behind UST.
According to Uppsala, apart from terra1gr, another Terra wallet "terra13s4gwzxxx6dyjcf5m7" (referred to as terra13s) exchanged funds recently with wallets on the Binance exchange that can be linked to Wallet A. The terra13s wallet is now one of the official wallets of the LUNC DAO, a validator of Terra’s new Terra 2.0 blockchain, Uppsala said.
Investigation of all these wallets, their connections and their repeated transactions with each other led Uppsala to conclude that the wallets either had the same owner or were managed by a single entity.
Uppsala says the findings mean the actions of Terraform Labs may have ultimately resulted in UST’s implosion. “It means that Terraform Labs or LFG made a financial transaction that caused Terra to collapse on its own,” the team said in its report.
"Not only Wallet A but also the wallet connected to it were managed by Terraform Labs and related companies,” Uppsala’s Kim told CoinDesk in a WhatsApp message.
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