Terraform Labs CEO Do Kwon has attempted to set the record straight about the most recent rumors
Terraform Labs CEO Do Kwon claims rumors that he banked $2.7 billion worth of crypto before his project collapsed.
Kwon says that he only earned a dollar-denominated salary over the last two years. The controversial South Korean entrepreneur claims that he deferred taking most of the founder’s tokens since he wanted to avoid potential conflict of interest.
Moreover, Kwon has now revealed that he lost most of his money in the accident.
After routinely calling his critics “poor” on Twitter, the cryptocurrency developer now says that he doesn’t care much about money, attracting more mockery on Twitter.
The rumors were started by self-proclaimed Terra insider FatMan, who analyzed Terraform releases in a recent thread. Kwon was reportedly able to bank billions of UST without even moving the peg of the now failing stablecoin using Abracadabra’s borrowing protocol called Degenbox.
Following the $60 billion collapse of Terra, some decried the lack of accountability. As reported by U.Today, Lebanese-American statistician Nassim Taleb recently opined that the Kwon was actually more dangerous than the late fraudster Bernie Madoff. The “Black Swan” called for putting Kwon behind bars in order 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 another all-time low of $2.1.
While Kwon, is unlikely to face jail time, his country has attracted severe scrutiny from regulators in South Korea and other countries. As reported by U.Today, the U.S. Securities and Exchange Commission reportedly launched another investigation into Terraform Labs.
