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Do Kwon debunks allegations that he pocketed $2.7 billion before Terra LUNA and UST collapse


June 12, 2022 · By MATheGooner
Terra (LUNA)

Do Kwon, the CEO and co-founder of the controversial Terra (LUNA) and TerraUSD (UST) ecosystems, denied accusations that the ecosystems had been cashing out $80 million per month for nearly three years.

The story started after @FatManTerra posted a Twitter thread detailing how Kwon and Terra influencers allegedly managed to withdraw funds while artificially preserving liquidity. 

On June 11, numerous unsubstantiated claims arose alleging Kwon’s involvement in draining liquidity from LUNA and UST prior to the crash in order to purchase US dollar-pegged stablecoins like Tether (USDT). 

After a Twitter thread by @FatManTerra disclosed the alleged details on how Kwon and Terra influencers managed to drain funds while artificially maintaining liquidity, rumors of Kwon paying out LUNA and UST reserves appeared.

đź§µ Some of you thought $80m per month was bad. That's nothing. Here's how Do Kwon cashed out $2.7 billion (33 x $80m!) over the span of mere months thanks to Degenbox: the perfect mechanism to drain liquidity out of the LUNA & UST system and into hard money like USDT. (1/13)

— FatMan (@FatManTerra) June 11, 2022

The entrepreneur, however, has turned to Twitter to caution the crypto community against spreading the claim until it is proven true: 

“This should be obvious, but the claim that I cashed out $2.7B from anything is categorically false.” 

In a Twitter thread, Kwon noted that the latest rumor of cashing out $80 million per month contradicts his statements that he still maintains the majority of his LUNA assets obtained during the airdrop. Furthermore, Kwon stated that his primary source of income for the past two years has been a cash salary from TerraForm Labs (TFL), and that he lost most of his assets in the crash.

4/ Hope that’s clear – 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.

— Do Kwon 🌕 (@stablekwon) June 12, 2022

The collapse of the Terra ecosystem has rocked the crypto market, with the price of LUNA coin, which was once among the top-5 cryptocurrencies by market cap, plummeting to pretty much zero. 

The downfall of the multibillion-dollar network has sparked a wave of fear, anxiety, and mistrust throughout the crypto market, attracting the attention and investigation of regulators all over the world. Do Kwon has been summoned to a parliamentary session in South Korea regarding the matter.

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TodayinCrypto is a financial media brand that strives to deliver breaking, accurate and daily news about digital assets to millions of investors in the crypto industry.

We are passionate about Bitcoin and are keen to share news about the people, companies and technological developments that are changing our world.

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  • SEC Chair Gary Gensler says Bitcoin is the only cryptocurrency he recognizes as a commodity June 27, 2022
  • Anonymous hacker group threatens to expose Terra LUNA founder Do Kwon’s crimes June 27, 2022
  • Ethereum whales have intensified their accumulation of MATIC in the past week June 26, 2022

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