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Do Kwon Refutes Claims of Cashing Out $2.7 Billion Before the LUNA-UST Fiasco

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Terra founder and CEO Do Kwon has denied recent claims that he cashed out a whopping $2.7 billion prior to the debacle that led to the loss of the UST peg and the collapse of LUNA to zero.

  • Famous anonymous Twitter account Fat ManTerra yesterday made another mass accusation, argue that Do Kwon, founder and CEO of Terra, cashed out a whopping $2.7 billion in the months leading up to the UST deprivation in May.
  • fat man claims that Do Kwon used Degenbox, a borrowing protocol in the Abracadabra ecosystem that allows users to collateral to buy UST, invest it in Ancor, then use the staked UST (aUST) to borrow more UST, deposit it again in Anchor, and so on – the loop.
  • Hours later, Do Kwon tweeted to dismiss the claims outright, calling them “categorically false.”

It should be obvious, but the claim that I cashed out $2.7 billion of anything is flat out wrong. – He said.

  • He also said that “Over the past two years, the only thing I have earned is a nominal cash salary from TFL and I have been putting off getting most of my founder’s tokens because a) I didn’t need it and b) I didn’t want to cause unnecessary charges.” that “he has too much.”
  • fat man however, did not stop there. Following Kwon’s response, the account continued to insist on the founder’s misdeeds, asking additional questions that have yet to be answered.
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Credit : cryptopotato.com

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