Do Kwon Addresses Rumors That He Cashed Out $2,700,000,000 From Terra Ecosystem Before Ust Collapse

The embattled chief govt of Terraform Labs is adamantly denying whispers that he cashed out billions of {dollars} price of Terra (LUNA) and TerraUSD (UST).

Rumors are circling on Twitter that Terra founder Do Kown used a borrowing protocol referred to as “Abracadabra’s Degenbox” to money out of LUNA and UST and into the stablecoins Tether (USDT) and USD Coin (USDC).

Kwon says the declare is “categorically false.”

“Two contradictory claims appear to exist the place:

1. Do’s wallets are doxxed, and he nonetheless owns most of his LUNA by way of the airdrop
2. Do dumped all his tokens to make billions

A lane ought to ideally be picked. To reiterate, for the final two years, the one factor I’ve earned is a nominal money wage from Terraform Labs, 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.’

Hope that’s clear – I didn’t say a lot as a result of I don’t wish to appear to be taking part in sufferer, however I misplaced most of what I had within the crash too. I’ve stated this a number of instances however I actually don’t care about cash a lot.”

Kwon has confronted a torrent of authorized and public crises up to now month for the reason that Could collapses of Terra and UST, which precipitated tens of billions of {dollars} in market losses.

Final week, a court docket in New York Metropolis dominated that the CEO shall be required to cooperate with an inquiry issued by the U.S. Securities and Change Fee (SEC).

The SEC first subpoenaed Kwon in October whereas he was attending the Messari Mainnet convention for extra details about the decentralized finance Mirror Protocol (MIR), which presents the power to commerce artificial variations of conventional shares.

Do Kwon initially sued the SEC citing a number of technicalities however misplaced his case again in February. Final week’s ruling denied his attraction.

And in late Could, a information report indicated South Korean authorities are contemplating bringing Ponzi scheme prices in opposition to Kwon.

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