Do Kwon Refutes Claims Of Cashing Out $2.7 Billion Before The Luna-ust Fiasco

The founder and CEO of Terra, Do Kwon, has refuted current claims that he has cashed out a whopping $2.7 billion earlier than the fiasco that led to UST dropping peg and LUNA crashing to $0.

  • Effectively-known nameless Twitter account FatManTerra made one other large allegation yesterday, arguing that Do Kwon, the founder, and CEO of Terra, cashed out a whopping $2.7 billion over the span of months previous to UST’s depeg in Could.
  • FatMan alleges that Do Kwon had used Degenbox – a borrowing protocol within the Abracadabra ecosystem, permitting customers to stake collateral to purchase UST, put it into Ancor, then used the staked UST (aUST) to borrow extra UST, put it into Anchor as soon as once more, and so forth – a loop.
  • Hours later, Do Kwon took it to Twitter to utterly refute the claims, slamming them as “categorically false.”

This needs to be apparent, however the declare that I cashed out $2.7B from something is categorically false. – He stated.

  • He additionally stated that “for the final two years, the one factor I’ve earned is a nominal money wage from TFL, and deferred taking most of my founder’s tokens as a result of a) didn’t want it and b) didn’t wish to trigger pointless finger-pointing of “he has an excessive amount of.”
  • FatMan didn’t cease there, although. Following Kwon’s response, the account continued insisting on the founder’s wrongdoings, asking additional questions which are but to be answered.
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