Do Kwon Refutes Claims of Cashing Out $2.7 Billion Before the LUNA-UST Fiasco
Do Kwon has rejected claims of cashing out $2.7 billion before the UST-LUNA fiasco as “categorically false.” The founder and CEO of Terra, Do Kwon, has refuted recent claims that he has cashed out a whopping $2.7 billion before the fiasco that led to UST losing peg and LUNA crashing to $0.
Well-known anonymous Twitter account FatManTerra made another massive allegation yesterday, arguing that Do Kwon, the founder, and CEO of Terra, cashed out a whopping $2.7 billion over the span of months prior to UST’s depeg in May. FatMan alleges that Do Kwon had used Degenbox – a borrowing protocol in the Abracadabra ecosystem, allowing users to stake collateral to buy UST, put it into Ancor, then used the staked UST (aUST) to borrow more UST, put it into Anchor once again, and so forth – a loop. Hours later, Do Kwon took it to Twitter to completely refute the claims.
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