Terra Insider Blames Do Kwon Of Rising Through ‘Nepotism’

Although Terra chief executive officer Do Kwon launched the new Luna 2.0, the project seems to have lost its trust. Even the launch of the new blockchain came amid much debate on Do Kwon investment after the crash wiped out billions of investor funds.

‘Kwon’s Tricks & Shortcuts’

It was in 2016 that Kwon’s name first sprung into prominence after he managed to get a $550,000 grant from Infobank, a Korea-based communications corporation. The funding was received for Kwon’s first startup Anify, which gave a P2P communications solution

However, FatMan questioned as to how the grant was given without even out a product in place. FatMan, as named on Twitter, is an insider of the Terra team.

FatMan, quoting a report, says that the investment was received by Kwon thanks to nepotism. Kwon’s links with the Infobank CEO landed him the big funding through the Korean government’s TIPS incubation program, it is said.

“Infobank’s CEO turned out to be Jang Jun-ho, the father of Jang Ki-seok. Thanks to the wonders of nepotism, Ki-seok had his father recommend the project to the TIPS board, and received a large investment into Anify’s bank. It turns out that Ki-seok was an Infobank shareholder.”

Kwon’s Greed For Money

Fatman opined that the investment made Kwon greedy for money. Kwon’s Terra was created alongside Daniel Shin, a man with family connections to Samsung and the Korean CIA, he further said. Shin’s power shielded Kwon, Fatman indicated, adding that the Terra head knew that the project would most likely collapse.

However, not all investors are buying into FatMan’s claims. One user by name DefiZealot, who claims to have got rekt by Luna, asked FatMan to cite sources. “These are serious allegations that can be a huge disservice if being just made up.”

On Tuesday, FatMan said Kwon could launch a new decentralized stablecoin on Terra 2.0. This is in sharp contrast to Terra’s revival plan, which was to abandon the UST stablecoin entirely.

Anvesh is keen on writing about major announcements around crypto adoption by institutions and popular personalities. Having been associated with the cryptocurrency industry since 2016, his interest in this space helped pivot his journalism career to the blockchain ecosystem. Follow him on Twitter at @AnveshReddyEth and reach out to him at anvesh (at) coingape.com

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