Do Kwon, the founder of the Terra network and the terra (LUNA) and terraUSD (UST) cryptocurrencies, denies any allegations against him. It is that, according to some versions, the entrepreneur would have drained funds from the reserve of the "former stablecoin" UST for a total of over 2 billion dollars, which some have defined as "recycling".
Yesterday, June 11, 2022, Do Kwon wrote on his Twitter account: "This should go without saying, but the claim that I have grossed $ 2,7 billion of anything is categorically false."
He still owns most of the LUNAs
It is contradictory for the young South Korean computer scientist to say that he got rid of all his tokens to earn billions of dollars, because, as he explains, his wallets are identified and he still owns most of the LUNAs he received via the initial airdrop.
It is worth clarifying that the allegations, as will be explained below, refer to the possible existence of unidentified "secret wallets".
“For the past couple of years, all I've earned has been a nominal cash salary from Terraform Labs and I've postponed taking most of the tokens I was owed as a founder because a) I didn't need them and b) I didn't want them. people would point fingers at me. " saying 'he has too much' ”, argues Do Kwon.
In conclusion, it indicates that he also lost a lot of money in the Earth crash. It refers to the event, widely reported by us, where network coins (including UST, designed to always be worth 1 USD) lost much of their value in early May.
Please say things that are tried and true. If they are spreading untruths, it only adds to the pain of all who have lost - Do Kwon, founder of Terra.
What is the founder of LUNA and UST accused of?
The accusations against which Do Kwon defends himself underline that, as mentioned at the beginning, over 2 billion dollars of UST reserves would have been used by the entrepreneur for his own advantage.
Based on what was reported in the South Korean press, the version circulated days ago that the computer scientist was sending $ 80 million a month to secret wallets. The source of this information would be former Terraform Labs employees who reportedly spoke with the United States Securities and Exchange Commission (SEC) to investigate the case. There is, as yet, no official confirmation that this is true.
This is not the first accusation of irregular financial movements that falls on Do Kwon and the companies under its responsibility. The South Korean television network, KBS, is convinced that the leader of Terra was working with at least one "front" company in order to eventually be able to withdraw money from Terraform Labs without paying taxes. And what do you think of this story? Let us know in the comments section below.