Do Kwon Denies Cashing Out $2.7 Billion Before Terra Crash
- Do Kwon denied claims that he cashed out nearly $3B before the Terra crash.
- @FatManTerra clapped back at Do Kwon in light of the latter’s recent statement.
- Terraform Labs is being investigated regarding a Bitcoin fraud.
Following several reports of the claim that Terra founder, Do Kwon, cashed out $2.7 billion ahead of the Terra crash, the crypto developer has shared a post on Twitter (NYSE:TWTR) denying those claims.
This should be obvious, but the claim that I cashed out $2.7B from anything is categorically false.
The claims that Kwon cashed out $2.7 billion in LUNA and UST reserves became widespread when a Twitter thread by @FatManTerra detailed the purported facts of how Kwon and Terra’s influencers artificially maintained the liquidity while draining money.
Some of you thought $80m per month was bad. That’s nothing. Here’s how Do Kwon cashed out $2.7 billion (33 x $80m!) over the span of mere months thanks to Degenbox: the perfect mechanism to drain liquidity out of the LUNA & UST system and into hard money like USDT. (1/13)
— FatMan (@FatManTerra) June 11, 2022
In response, Kwon indicated that he still has most of his LUNA assets, which he acquired during the airdrop. Furthermore, Kwon reaffirmed that TerraForm Labs has been his only source of income since 2020.
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.
@FatManTerra was quick to clap back at Kwon, saying: Like last time, Kwon believes that his followers are stupid, thus 0.94 million people will consume this, but 0.06 million won’t.
“[Kwon], you sold $2.7b of UST through the MIM pool months before the Terra 2 fork, @FatManTerra responded. “And now, you airdropped yourself LUNA while lying about it. These are completely unrelated.”
Furthermore, Terraform Labs and its employees are also being investigated by police in South Korea for suspected Bitcoin (BTC) fraud. With the assistance of an exchange platform, officials were able to freeze the relevant cash. The police began their investigation after receiving a tip from an employee of the company.
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