Despite the fact that the Terra environment has been down for nearly a month, new information about the project continues to emerge. The most recent example is Do Kwon, the CEO of Terraform Labs, who took approximately $2.7 billion from the network just before it crashed. The CEO, on the other hand, believes the accusation is “categorically wrong.”
1/ This should be obvious, but the claim that I cashed out $2.7B from anything is categorically false
— Do Kwon 🌕 (@stablekwon) June 12, 2022
FatMan, an anonymous Twitter whistleblower, brought the claims to light. A few months before the UST depeg and crash, the informer accused Kwon of stealing $2.7 billion from the Terra project.
According to FatMan, Kwon accomplished this by using Degenbox, a borrowing protocol that allows users to loop stablecoin purchases, which provided him with the ideal method for draining liquidity from the LUNA and UST systems and into hard money like USDT.
In the midst of all the allegations leveled against Kown, he tweeted “two conflicting accusations.” According to Kwon,
1/ This should be obvious, but the claim that I cashed out $2.7B from anything is categorically false
— Do Kwon 🌕 (@stablekwon) June 12, 2022
The co-founder added,
- “To reiterate, for the last two years the only thing I’ve earned is a nominal cash salary from TFL, and deferred taking most of my founder’s tokens because a) didn’t need it and b) didn’t want to cause unnecessary finger-pointing of “he has too much.”
Before and after the crash, a lot was said about the co-founder. His behavior has changed in the Terra LUNA group, from calling individuals “poor” during LUNA’s heyday to now attempting to win them over. In addition, he said in his tweets,
- “Hope that’s clear – I didn’t say much because I don’t want to seem like playing victim, but I lost most of what I had in the crash too. I’ve said this multiple times but I really don’t care about money much.”
