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Terra boss Do Kwon denies enrichment allegations against LUNA, UST

 


Do Kwon, the founder and managing director of the failed blockchain project Terra and the associated cryptocurrencies LUNA and TerraUSD (UST), has now denied the emerging rumors that he was making around $80 million a month for almost three years from the project should have fully booked.


According to multiple unconfirmed media reports yesterday, June 11, Kwon is said to have withdrawn significant amounts of LUNA and UST from Terra, each to exchange them for US dollar stablecoins such as Tether ( USDT ).


Rumors of possible misconduct by the Terra boss began after Twitter user @FatManTerra detailed a thread detailing how Kwon and some Terra influencers were withdrawing funds from the project while artificially maintaining liquidity.



The Terra CEO now reacts soberly to this by pointing out that such claims would be "categorically wrong":


"It should be obvious, but the claim that I wrote off $2.7 billion is categorically false."

One of the reasons given by Kwon for this is that these claims contradict other rumors anyway, according to which the Terra boss should still own most of his LUNA assets. In addition, during his tenure, he only received a fixed salary from Terraform Labs (TFL), the company behind Terra.

Kwon also warns that spreading "misinformation" only makes things worse for everyone involved:


"I've never really said anything about it because I didn't want to play the victim role myself, but I also lost almost everything in the crash. I've said it several times that I don't really care much about money."


In any case, Kwon cannot absolve himself of any guilt, because a developer of the blockchain project Anchor Protocol, which was closely interwoven with Terra, recently disclosed that he had warned the CEO from the outset against excessive investment interest. Although the system was actually designed for a maximum interest rate of 3.6%, this was then increased to an astronomical 20% shortly before the starting signal:


"I knew from the start that the collapse was bound to happen, but I didn't expect it to be 100%."

In the meantime, the developer had asked Kwon to adjust the interest rate, but there was no such correction.

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