Do Kwon denies claims that $2.7 Billion was cashed out before the LUNA-UST Fiasco

Do Kwon is Terra’s founder and CEO. He has denied recent claims that he had cashed out $2.7 billion in cash before the UST/LUNA fiasco.

Popular anonymous Twitter account FatManTerra Another massive allegation was made yesterday arguing that Do Kwon, the founder, and CEO of Terra, cashed out a whopping $2.7 billion over the span of months prior to UST’s depeg in May.

FatMan alleges that Do Kwon had used Degenbox – a borrowing protocol in the Abracadabra ecosystem, allowing users to stake collateral to buy UST, put it into Ancor, then used the staked UST (aUST) to borrow more UST, put it into Anchor once again, and so forth – a loop.

Hours later, Do Kwon took it to Twitter to completely refute the claims, slamming them as “categorically false.”

It should be obvious that the claim that $2.7B was my cash from any item is false. – He said.

He also said that “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.”

FatMan didn’t stop there, though. Following Kwon’s response, the account continued insisting on the founder’s wrongdoings, asking further questions that are yet to be answered.

 

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