After the tragic crash of Terra, the founder and CEO Do Kwon became the talk of the town again after he denied profiting off $2.7 billion from LUNA and UST.
Do Kwon came out with the statements after Twitter user FatManTerra accused Kwon of making over $2.7B over the course of a few months prior to Terra’s crash in the month of May.
FatMan claims Do Kwon utilized Abracadabra’s Degenbox, a protocol that allows users to stake collateral to buy UST, deposit it in Anchor, then use the staked UST to borrow more UST, deposit it in Anchor, and continue to do so in a loop format.
Apparently Kwon also used $SPELL, $MIM and others to give deeper exit liquidity to the UST pair. As per FatManTerra Kwon was able to cash out $2.719B via the MIM/UST pool without altering the peg.
After these accusations, Kwon took it on to Twitter saying FatManTerra’s claims are “categorically false”.
He noted that two contradictory claims are going around the community and they should pick one side.
One is that Kwon’s wallets are doxxed, and he still owns most of his LUNA via airdrop. The other one being him dumping his tokens to profit off billions.
Kwon further added that he only received a small salary from Terraform Labs for the past 2 years. He held off receiving most of the founder’s tokens because he didn’t need it and didn’t want to trigger a needless blame game of him holding too many tokens.
“I didn’t say much because I don’t want to seem like playing victim, but I lost most of what I had in the crash too. I’ve said this multiple times but I really don’t care about money much,” Kwon tweeted.
FatMan still continued to accuse Do Kwon and is expecting full transparency of Kwon’s involvement in Terra’s ultimate crash.
Meanwhile Kwon ended his Twitter thread with an emotional statement saying, “Please say things that are proven and true – if you are spreading falsehood that just adds to the pain of everyone who has lost. Thank you.”
Also Read: Dunamu Refutes Claims of Making Over $100 Million off of LUNA
