Terra co-founder dismisses allegation of cashing out $2.7B

Do Kwon, the chief operating officer and co-founder of the ill-famed Terra (LUNA) and TerraUSD (UST) ecosystems, refuted the claims of cashing out $80 million monthly for nearly 3 years. The rumor surfaced when a Twitter thread by FatManTerra shared the alleged details on however Kwon, in conjunction with Terra influencers, managed to empty funds whereas by artificial means maintaining the liquidity. Various unofficial reports surfaced on Saturday, claiming Kwon’s participation in exhausting liquidity out of Luna Classic (LUNC) and TerraUSD Classic (USTC), before the crash to get u. s. dollar-pegged stablecoin, comparable to Tether (USDT).

Don’t fuel rumors till proved

Rumors about Kwon cashing out Luna and UST reserves surfaced when a Twitter thread by FatManTerra shared the alleged details on, however Kwon, in conjunction with Terra influencers, managed to empty funds whereas by artificial means maintaining the liquidity. However, the Terra co-founder suggested the crypto community to steer off from supplying the rumor till it had been established true. In keeping with the Terra co-founder, the claim that he paid out $2.7B from something is flatly false.

Sharing his side of the story, Kwon declared that the recent rumor of cashing out $80 million per month contradicts the claims that he still holds most of his Luna holdings, procured throughout the airdrop. Moreover, Kwon any reiterated that his financial gain over the past 2 years has solely been a money pay from TerraForm Labs (TFL).

Kwon told the community that “spreading falsehood” adds to the pain of all Luna investors. Furthermore, he remarked that, he didn’t say abundant as a result of he doesn’t need to appear like enjoying victim, however Kwon lost most of what he had within the crash too. He has aforesaid this multiple times, but it sounds like Kwon very don’t care concerning money much.

Terra co-founder can attend a parliamentary hearing

Mr. B, a developer from Anchor Protocol, a Terra-centric sub-ecosystem, allegedly warned Kwon concerning the unrealistic high-interest rates. Mr. B aforesaid that the platform was designed solely to supply AN rate of interest of 3.6% for keeping the Terra scheme stable, however was modified to 20% simply before the release. The developer allegedly advised to Kwon about lowering the interest rates, but the request was refused. Do Kwon are summoned to attend a parliamentary hearing on the matter in South Korea.