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Terra\u2019s new LUNA 2.0 token has lost 54% in value in the last two weeks, after reaching $11.33 per unit on May 30. Meanwhile, the whistleblower Fatman has accused Terra\u2019s co-founder Do Kwon of cashing out $2.7 billion a few months before the UST de-pegging incident. Kwon, however, has been keeping tabs on Fatman\u2019s accusations and he claims the allegations are \u201ccategorically false.\u201d<\/strong><\/p>\n The LUNA 2.0 rebirth token<\/a> has been extremely lackluster in terms of market performance during the past two weeks. However, as Bitcoin.com News reported<\/a> six days ago, a myriad of decentralized finance (defi) protocols have re-joined the ecosystem.<\/p>\n Terra\u2019s 2.0 chain has roughly $1.32 billion locked<\/a> in the Stader defi application according to defillama.com stats. The Terra Classic chain still has $10.54 million<\/a> total value locked in defi today as well, with $3.11 million held on Terraswap and $2.47 million locked into Anchor.<\/p>\n During the past two weeks, after LUNA 2.0 tapped a high of $11.33 per unit, the new LUNA<\/a> has lost 54% during the last 14 days. It is still down 86% from the all-time high at $18.87 per coin when the 2.0 blockchain was first launched.<\/p>\n At the time of writing, LUNA 2.0 has $135 million in global trade volume, which pales in comparison to the volume luna classic (LUNC) saw prior to the fallout. The top exchanges in terms of trade volume for LUNA 2.0 include Bitrue, Okx, Huobi Global, Kucoin, and Gate.io. LUNA 2.0\u2019s top five trading pairs today include USDT<\/a>, USD, USDC, EUR, and ETH<\/a>, respectively.<\/p>\n While LUNA\u2019s market performance has not been so hot, alongside a variety of crypto assets suffering through the bear market<\/a>, Do Kwon is still being accused of shady acts by the whistleblower Fatman<\/a>.<\/p>\n Should we start using the term Kwonzi more often? I propose a definition.<\/p>\n Kwonzi: a financial scheme with borrowed elements from and a similar negative-sum nature to a Ponzi but not a Ponzi \u2013 cleverly obfuscated by sophisticated manipulation, legitimate technology, and jargon.<\/p>\n \u2014 FatMan (@FatManTerra) June 12, 2022<\/a><\/p>\n<\/blockquote>\n Three days ago, Bitcoin.com News also reported<\/a> on the U.S. Securities and Exchange Commission (SEC) reportedly investigating the terrausd (UST) collapse and the company Terraform Labs (TFL). On June 11, 2022, Fatman accused Kwon of siphoning $2.7 billion from the Terra project a few months before the UST fallout.<\/p>\n \u201cSome of you thought $80m per month was bad,\u201d Fatman tweeted<\/a>. \u201cThat\u2019s nothing. Here\u2019s how Do Kwon cashed out $2.7 billion (33 x $80 [million]) over the span of mere months thanks to Degenbox: the perfect mechanism to drain liquidity out of the LUNA [and] UST system and into hard money like USDT<\/a>.\u201d<\/p>\n Fatman says the defi borrowing protocol Abracadabra\u2019s Degenbox<\/a> and tokens like SPELL<\/a> and MIM<\/a> were used to provide \u201cdeeper exit liquidity to the UST pair.\u201d The whistleblower said that Kwon was able to cash out via the MIM\/UST pool to the tune of $2.719 billion without moving the peg.<\/p>\n \u201cUST is the future, he said. Decentralized money is sound money, he said,\u201d Fatman continued<\/a>. \u201cUST won\u2019t de-peg, he told you. \u2018Centralized stablecoins will rug you eventually.\u2019 So why did he cash out $2.7b from UST into USDT<\/a> and USDC?\u201d<\/p>\n \n However, Do Kwon<\/a> has refuted the claims<\/a> he cashed out $2.7 billion before the UST crash<\/a>. \u201cThis should be obvious, but the claim that I cashed out $2.7B from anything is categorically false,\u201d Kwon said the same day Fatman accused him. Kwon also has his Twitter account set to private mode<\/a> and only people Kwon tags in a tweet can reply.<\/p>\n \u201cTwo contradictory claims seem to exist where: Do\u2019s wallets are doxxed, and he still owns most of his luna through the airdrop [or] Do dumped all his tokens to make billions,\u201d Kwon continued. \u201cA lane should ideally be picked.\u201d The Terra co-founder added<\/a>:<\/p>\n To reiterate, for the last two years the only thing I\u2019ve earned is a nominal cash salary from TFL, and deferred taking most of my founder\u2019s tokens because a) didn\u2019t need it and b) didn\u2019t want to cause unnecessary finger-pointing of \u2018he has too much.\u2019<\/p>\n<\/blockquote>\n On Twitter, people have discussed how Kwon is a lot more humble now in comparison to calling people \u201cpoor\u201d during LUNA\u2019s peak fame. Others have been discussing<\/a> Kwon reportedly \u201cbending over\u201d Abracadabra founder Daniele Sesta and \u201cSPELL bagholders.\u201d<\/p>\n The claims say tokens like SPELL, MIM and Abracadabra\u2019s Degenbox were used to help Kwon siphon UST into harder stablecoin assets. Abracadabra and Sesta have already had their share of controversy in the past with the Wonderland TIME debacle<\/a>.<\/p>\n [PEOPLE YOU MEET ON THE WAY UP, YOU MEET ON THE WAY DOWN] \u2014 Nassim Nicholas Taleb (@nntaleb) June 12, 2022<\/a><\/p>\n<\/blockquote>\n Terra\u2019s co-founder Kwon stressed on Twitter that none of what is being said about him cashing out is true. \u201cHope that\u2019s clear \u2013 I didn\u2019t say much because I don\u2019t want to seem like playing victim, but I lost most of what I had in the crash too,\u201d Kwon concluded<\/a> on Saturday in his refutation against the claims he cashed out $2.7 billion.<\/p>\n \u201cI\u2019ve said this multiple times but I really don\u2019t care about money much. Please say things that are proven and true \u2013 if you are spreading falsehood that just adds to the pain of everyone who has lost,\u201d Kwon added<\/a>.<\/p>\nLUNA 2.0 Token Drops 54% in Value During the Last 2 Weeks<\/h2>\n
Terra Co-Founder Do Kwon Continues to Be Accused of Shady Acts \u2014 Whistleblower Fatman Claims Kwon Cashed Out $2.7 Billion Before UST Collapse<\/h2>\n
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Do Kwon Refutes Cash Out Accusations, Says He \u2018Really Doesn\u2019t Care About Money Much\u2019<\/h2>\n
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Do Kwon (Ponzi @stablekwon<\/a>) no longer cares about money. Remember his favorate insult was “poor”; he didn’t debate @Frances_Coppola<\/a> because he “doesn’t debate the poor” & had “no change for her”.https:\/\/t.co\/B7R8JWDWJT<\/a><\/p>\n