Do Kwon slams claims he paid out billions that drained Terra’s LUNA, UST liquidity

IMPORTANT POINTS

  • A Twitter user describes how Do Kwon allegedly skimmed billions from TFL
  • Kwon denies the allegations via his reactivated Twitter account
  • Says he only earned a “nominal salary” from Terra

Do Kwon has dismissed allegations that he was the main villain behind the devastating collapse of Terra’s UST and LUNA after a new allegation surfaced online that the Terraform Labs CEO was draining $80 million every month from the coffers of Terraform Labs for nearly three years company would stand out.

Kwon dismissed the allegations Sunday via his recently reactivated Twitter account: “It should be obvious, but the claim that I cashed out $2.7 billion from anything is categorically false.” He said the allegation had two conflicting parts Claims including the fact that “Do’s wallets are doxxed and he still owns most of his Luna from the airdrop” and that Do threw away all of his tokens to make billions.

The TFL founder also said that the only thing he earned from Terraform Labs was “a nominal salary” and claimed that he “deferred” “most” of his founder’s tokens because he “didn’t need it.” and because he “didn’t do it”. want to cause unnecessary finger pointing of ‘he has too much’.”

As part of the SKALE Network’s mainnet launch series, our CEO, Do Kwon, along with Jack O’Holleran, CEO of SKALE Labs, and Simon Seojoon Kim, CEO and Managing Partner of Hashed, spoke about bringing crypto into the mainstream bring. Photo: YouTube Screenshot/Terra Official YouTube Channel

Kwon clarified that he’s been mostly silent the whole time because he “doesn’t want to appear like he’s playing the victim,” revealing that like all other Terra investors, he “lost most of that , What [he] also had in the crash.” He added that he really “doesn’t care about money” and accused those who “spread untruths” of “increasing the pain of all who lost”.

Kwon’s latest statement surfaced after a Twitter user by the name of FatManTerra – the same one who previously claimed several whistleblowers had entrusted him with confidential information about TFL, Kwon and the infamous Terra crash – revealed in a Twitter thread the alleged details of how Kwon along with Terra influencers, withdrew funds while successfully trying to make it appear as crypto asset liquidity.

According to him, with the help of the strategic program designed to solve the problem of accepting the interest-free token Degenbox, Kwon has “disbursed $2.7 billion” in just “just months”. FatManTerra has not yet presented any evidence incriminating the TFL CEO.

The U.S. Securities and Exchange Commission reportedly has evidence that TFL transferred $80 million a month to various cryptocurrency wallets in the months leading up to the historic Terra collapse, a local South Korean news outlet said last week. Said evidence was gathered when the watchdog conducted a remote video survey of TFL employees to examine the design structure. All of these allegations were denied by TFL CEO Kwon.

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