Terraform Labs CEO Do Kwon denies rumors of cashing out $2.7 billion before the collapse of his project
Terraform Labs CEO, Do Kwon, stated that there were rumors of him earning $2.7 billion worth of cryptocurrency before his project collapsed.
Terra’s Do Kwon denies cashing out $2.7 billion
Kwon says he’s only made a dollar salary in the past two years. The controversial Korean businessman claims he delayed receiving most of the founder’s tokens because he wanted to avoid potential conflicts of interest. Furthermore, Kwon has now revealed that he lost most of his own money in the accident.
After frequently calling his critics “poor” on Twitter, the crypto developer now says he doesn’t care much about money, drawing more ridicule on Twitter.
FatMan, the self-proclaimed Terra insider who analyzed Terraform’s flow in a recent thread, started the rumor. Kwon was supposed to be capable of making billions of UST without even moving the peg of the now-failed stablecoin with the help of Abracadabra’s debt protocol called Degenbox.
After Terra’s $60 billion demises, some criticized the lack of accountability. Lebanese-American statistician Nassim Taleb recently suggested that Kwon is more dangerous than the late con-man Bernie Madoff. “Black Swan” calls for putting Kwon behind bars to prevent him from launching other projects.
On June 9, another version of the Luna token, which was supposed to revive the project, fell to an all-time low of $2.1. While Kwon is unlikely to face a prison sentence, his country has attracted strict scrutiny from South Korea’s and other countries’ regulators. As AZCoin News reported, the US Securities and Exchange Commission has opened another investigation into Terraform Labs.
Read more:
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- The Terra Implosion Has Reportedly Attracted Scrutiny From The U.S. SEC