Do Kwon Officially Denied The Accusation Of “Pocketing” 2.7 Billion USD

After the incident controversy, Do Kwon made $80 million a month and transferred it to a private wallet address. Today, June 12, he officially denied the allegation made two days ago.

Do Kwon posted a series of tweets claiming to be clean

The origin of the incident was updated by Coincu News in a recent article about Do Kwon’s private pocket incident. The reaction of the crypto community is in the direction of believing that the above accusation is entirely correct.

In the latest of these controversies, an allegation has emerged that the Chief Executive Officer of Terraform Labs, Do Kwon, cashed out about $2.7 billion from the Terra Network before the crash. 

This allegation against Kwon, who is already facing investigations from the United States Securities and Exchange Commission (SEC) and the Seoul Metropolitan Police, was made by FatMan Terra.

FatMan, in a series of tweets on Saturday, claimed that Kwon was able to succeed through the help of Degenbox, a borrowing protocol that enables users to loop stablecoin buys.

🧵 Some of you thought $80m per month was bad. That's nothing. Here's how Do Kwon cashed out $2.7 billion (33 x $80m!) over the span of mere months thanks to Degenbox: the perfect mechanism to drain liquidity out of the LUNA & UST system and into hard money like USDT. (1/13)

— FatMan (@FatManTerra) June 11, 2022

In a series of tweets posted 3 hours ago, Do Kwon directly confirmed that there was no withdrawal of $ 2.7 billion from the project. The allegations made are entirely untrue.

1/ This should be obvious, but the claim that I cashed out $2.7B from anything is categorically false

— Do Kwon 🌕 (@stablekwon) June 12, 2022

To back up his above statement, he came up with two hypotheses that had been put forward for him earlier. 2 theories are given that are opposite when one party says that his wallet is faulty and the entire amount through the airdrop is still in his possession. While the recent allegation thinks he could sell his tokens. Why can I dump the tokens I own? The existence of these two theories at the same time is absurd.

2/ Two contradictory claims seem to exist where:

1. Do’s wallets are doxxed, and he still owns most of his luna through the airdrop
2. Do dumped all his tokens to make billions

A lane should ideally be picked

— Do Kwon 🌕 (@stablekwon) June 12, 2022

Do Kwon also said that although he has repeatedly stated that he does not care about money, Do Kwon explicitly demonstrates that he only receives a nominal cash salary and does not receive most of the creator’s tokens create.

3/ To reiterate, for the last two years the only thing ive earned is a nominal cash salary from TFL, and deferred taking most of my founder’s tokens because a) didn’t need it and b) didn’t want to cause unnecessary finger pointing of “he has too much”

— Do Kwon 🌕 (@stablekwon) June 12, 2022

In the end, he said he didn’t want to play the victim after Terra’s demise, but he lost everything in the incident. Do Kwon hopes not to receive more false accusations fabricated like this.

5/ Please say things that are proven and true – if you are spreading falsehood that just adds to the pain of everyone who has lost. Thank you.

— Do Kwon 🌕 (@stablekwon) June 12, 2022

Although Do Kwon has affirmed his innocence in his recent statement, no concrete evidence has yet been given to him. This will remain a mystery until he can give compelling evidence.

Coincu News will update the latest information about the incident.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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