Terra’s new LUNA 2.0 token has lost 54% of its value in the past two weeks after reaching $11.33 per unit on May 30. Meanwhile, whistleblower Fatman has accused Terra co-founder Do Kwon of cashing out $2.7 billion months before the UST de-pegging incident. However, Kwon has been monitoring Fatman’s accusations and claims that the allegations are “completely false.”
LUNA 2.0 tokens drop 54% in value over the past two weeks.
is LUNA 2.0 replay tokenhas been extremely lackluster in terms of market performance over the past two weeks. However, as Bitcoin.com News reported six days ago, a myriad of decentralized financial (defi) protocols are rejoining the ecosystem.
Terra’s 2.0 chain has roughly$1.32 billion locked up; Defillama.com statistics show $1.32 billion locked up in Stader defi applications; the Terra Classic chain still haveThe Terra Classic chain still has $10.54 milliontotal locked to defi today, with $3.11 million locked to Terraswap and $2.47 million to Anchor.
After LUNA 2.0 hit a high of $11.33 per unit over the past two weeks,new LUNAhas lost 54% over the past 14 days. 2. 0 blockchain is still down 86% from its all-time high of $18.87 per coin when it first launched.
At the time of this writing, LUNA 2.0’s global trading volume of $135 million pales in comparison to Luna Classic’s (LUNC) trading volume before the crash; top LUNA 2.0 exchanges by volume include Bitrue, Okx, Huobi Global, Kucoin, Gate LUNA 2.0’s top five trading pairs today areUSDT; USD, USDC, EUR, andETH. are, respectively,
Terra co-founder Do Kwon continues to be accused of shady practices – whistleblower Fatman claims Kwon cashed out $2.7 billion before the UST collapse
LUNA’s market performance is not so hot, but along with various crypto assets suffering in the bear market, Do Kwon is still being accused of shady practices by whistleblowerFatman
We should start using the term Kwonzi more often. I suggest a definition.
Kwonzi: a financial scheme that borrows elements from Ponzi and has the same negative-sum characteristics as Ponzi, but is not Ponzi – cleverly obfuscated by clever manipulation, legitimate techniques, and jargon.
– FatMan (@FatManTerra) is June 12, 2022
Three days ago, Bitcoin.com News reported that the US Securities and Exchange Commission (SEC) is investigating Terrausd (UST) collapse and Terraform Labs (TFL) Inc. which also reported that on June 11, 2022, Fatman accused Kwon of siphoning off $2.7 billion from the Terra project months before the UST collapse.
“Some of you thought $80 million a month was bad,” Fatman tweeted. “It’s nothing; here’s how Do Kwon cashed out $2.7 billion (33 x $80 million) in just a few months thanks to Degenbox: a perfect mechanism to drain liquidity from the LUNA [and] UST system to hard money likeUSDTis the perfect mechanism to drain liquidity into hard money, such as”
Fatman says defibrowing protocols. tokens like Abracadabra’s Degenboxand. tokens like SPELL and . tokens MIMused to “exit deep into UST pairs used to provide liquidity.” According to the whistleblower, Kwon was able to cash out $2.719 billion through the MIM/UST pool without moving pegs.
“UST is the future,” he said. “Decentralized money is sound money,” Fatman continued. “UST won’t de-peg, he told you. centralized stave coins will eventually get nasty”. So why did he cash out $2.7 billion from UST toUSDT and USDC?”
Do Kwon refutes cash-out allegations, says “I really don’t care much about money”
{84
But88} Do KwonCash out $2.7 billion before UST crash refutes the claimthat it was out.” This should be obvious, but the claim that I cashed out $2.7 billion from something is categorically false,” Kwon said the same day Fatman accused him.Kwon also set his Twitter account toprivate modeso that Kwon only allows people he has tagged in tweets to reply to him.
“There seem to be two contradictory claims: Do’s wallet is doxed and he still owns most of his Luna through airdrops [or] Do dumped all his tokens to make billions,” Kwon continued. “Lane should ideally be chosen.” Terra co-founderadded:
Again, the only thing I’ve earned in the last two years is a nominal cash salary from TFL, and I held off on taking most of the founder tokens because a) I didn’t need them and b) I didn’t want to cause unnecessary finger pointing that “he has too much.”
On Twitter, it has been argued that Kwon is much more humble now compared to the “poor man” he was called when LUNA’s fame was at its peak. Others discussKwon reportedly “bent over” for Abracadabra founder Daniele Sesta and “SPELL bag holders”.
The claim states that tokens such as SPELL, MIM, and Abracadabra’s Degenbox were used by Kwon to siphon USTs into more difficult stablecoin assets.Abracadabra and Sesta have in the past been involved in the Wonderland TIME debacle and have already been the subject of controversy.
[PEOPLE YOU MEET ON THE WAY UP, YOU MEET ON THE WAY DOWN]Do Kwon (Ponzi @stablekwon) no longer cares about money. Remember when his favorite insult was “poor”? He didn’t argueFrances_Coppola would “not argue with a poor person” & to “no pennies for her.” https://t.co/B7R8JWDWJT
– Naseem Nicholas Taleb (@nntaleb) on June 12, 2022
Kwon, Terra’s co-founder, said on Twitter he cashed out stressed that none of what was said was true. To avoid this, “I didn’t say much because I didn’t want to seem like I was playing the victim, but I also lost most of what I had in the crash,” Kwonconcluded on Saturday,in response to claims that he had cashed out $2.7 billion .
“As I have said many times, I really don’t care much about money. This is because the “discovery” (sontaku) of the
Meanwhile, Fatmancontinued to accuseKwon’s dirty tricks, whistleblowers have not stopped criticizing Kwon’s ostensible actions or his current commentary and rebuttals.
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