2 years ago
Terra’s caller LUNA 2.0 token has mislaid 54% successful worth successful the past 2 weeks, aft reaching $11.33 per portion connected May 30. Meanwhile, the whistleblower Fatman has accused Terra’s co-founder Do Kwon of cashing retired $2.7 cardinal a fewer months earlier the UST de-pegging incident. Kwon, however, has been keeping tabs connected Fatman’s accusations and helium claims the allegations are “categorically false.”
LUNA 2.0 Token Drops 54% successful Value During the Last 2 Weeks
The LUNA 2.0 rebirth token has been highly lackluster successful presumption of marketplace show during the past 2 weeks. However, arsenic Bitcoin.com News reported six days ago, a myriad of decentralized concern (defi) protocols person re-joined the ecosystem.
Terra’s 2.0 concatenation has astir $1.32 cardinal locked successful the Stader defi exertion according to defillama.com stats. The Terra Classic concatenation inactive has $10.54 million full worth locked successful defi contiguous arsenic well, with $3.11 cardinal held connected Terraswap and $2.47 cardinal locked into Anchor.
During the past 2 weeks, aft LUNA 2.0 tapped a precocious of $11.33 per unit, the new LUNA has mislaid 54% during the past 14 days. It is inactive down 86% from the all-time precocious astatine $18.87 per coin erstwhile the 2.0 blockchain was archetypal launched.
At the clip of writing, LUNA 2.0 has $135 cardinal successful planetary commercialized volume, which pales successful examination to the measurement luna classical (LUNC) saw anterior to the fallout. The apical exchanges successful presumption of commercialized measurement for LUNA 2.0 see Bitrue, Okx, Huobi Global, Kucoin, and Gate.io. LUNA 2.0’s apical 5 trading pairs contiguous see USDT, USD, USDC, EUR, and ETH, respectively.
Terra Co-Founder Do Kwon Continues to Be Accused of Shady Acts — Whistleblower Fatman Claims Kwon Cashed Out $2.7 Billion Before UST Collapse
While LUNA’s marketplace show has not been truthful hot, alongside a assortment of crypto assets suffering done the bear market, Do Kwon is inactive being accused of shady acts by the whistleblower Fatman.
Should we commencement utilizing the word Kwonzi much often? I suggest a definition.
Kwonzi: a fiscal strategy with borrowed elements from and a akin negative-sum quality to a Ponzi but not a Ponzi – cleverly obfuscated by blase manipulation, morganatic technology, and jargon.
— FatMan (@FatManTerra) June 12, 2022
Three days ago, Bitcoin.com News besides reported connected the U.S. Securities and Exchange Commission (SEC) reportedly investigating the terrausd (UST) illness and the institution Terraform Labs (TFL). On June 11, 2022, Fatman accused Kwon of siphoning $2.7 cardinal from the Terra task a fewer months earlier the UST fallout.
“Some of you thought $80m per period was bad,” Fatman tweeted. “That’s nothing. Here’s however Do Kwon cashed retired $2.7 cardinal (33 x $80 [million]) implicit the span of specified months acknowledgment to Degenbox: the cleanable mechanics to drain liquidity retired of the LUNA [and] UST strategy and into hard wealth similar USDT.”
Fatman says the defi borrowing protocol Abracadabra’s Degenbox and tokens similar SPELL and MIM were utilized to supply “deeper exit liquidity to the UST pair.” The whistleblower said that Kwon was capable to currency retired via the MIM/UST excavation to the tune of $2.719 cardinal without moving the peg.
“UST is the future, helium said. Decentralized wealth is dependable money, helium said,” Fatman continued. “UST won’t de-peg, helium told you. ‘Centralized stablecoins volition rug you eventually.’ So wherefore did helium currency retired $2.7b from UST into USDT and USDC?”
Do Kwon Refutes Cash Out Accusations, Says He ‘Really Doesn’t Care About Money Much’
However, Do Kwon has refuted the claims helium cashed retired $2.7 cardinal earlier the UST crash. “This should beryllium obvious, but the assertion that I cashed retired $2.7B from thing is categorically false,” Kwon said the aforesaid time Fatman accused him. Kwon besides has his Twitter relationship acceptable to private mode and lone radical Kwon tags successful a tweet tin reply.
“Two contradictory claims look to beryllium where: Do’s wallets are doxxed, and helium inactive owns astir of his luna done the airdrop [or] Do dumped each his tokens to marque billions,” Kwon continued. “A lane should ideally beryllium picked.” The Terra co-founder added:
To reiterate, for the past 2 years the lone happening I’ve earned is simply a nominal currency wage from TFL, and deferred taking astir of my founder’s tokens due to the fact that a) didn’t request it and b) didn’t privation to origin unnecessary finger-pointing of ‘he has excessively much.’
On Twitter, radical person discussed however Kwon is simply a batch much humble present successful examination to calling radical “poor” during LUNA’s highest fame. Others person been discussing Kwon reportedly “bending over” Abracadabra laminitis Daniele Sesta and “SPELL bagholders.”
The claims accidental tokens similar SPELL, MIM and Abracadabra’s Degenbox were utilized to assistance Kwon siphon UST into harder stablecoin assets. Abracadabra and Sesta person already had their stock of contention successful the past with the Wonderland TIME debacle.
[PEOPLE YOU MEET ON THE WAY UP, YOU MEET ON THE WAY DOWN]
Do Kwon (Ponzi @stablekwon) nary longer cares astir money. Remember his favorate insult was "poor"; helium didn't statement @Frances_Coppola due to the fact that helium "doesn't statement the poor" & had "no alteration for her".https://t.co/B7R8JWDWJT
— Nassim Nicholas Taleb (@nntaleb) June 12, 2022
Terra’s co-founder Kwon stressed connected Twitter that nary of what is being said astir him cashing retired is true. “Hope that’s wide – I didn’t accidental overmuch due to the fact that I don’t privation to look similar playing victim, but I mislaid astir of what I had successful the clang too,” Kwon concluded connected Saturday successful his refutation against the claims helium cashed retired $2.7 billion.
“I’ve said this aggregate times but I truly don’t attraction astir wealth much. Please accidental things that are proven and existent – if you are spreading falsehood that conscionable adds to the symptom of everyone who has lost,” Kwon added.
Meanwhile, Fatman continues to accuse Kwon of soiled tricks and the whistleblower has not stopped criticizing Kwon’s ostensible acts, oregon his existent commentary and refutation.
What bash you deliberation astir LUNA 2.0 and the caller accusations against Do Kwon? What bash you deliberation astir Kwon’s refutation? Let america cognize what you deliberation astir this taxable successful the comments conception below.
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