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Terra founder and CEO denies accusations that he spent $2.7 billion before the project failed

Terra founder and CEO denies accusations that he spent $2.7 billion before the project failed

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Answer Terra founder and CEO denies accusations that he spent $2.7 billion before the project failed

Terra founder and CEO Do Kwon has refuted recent allegations that he disbursed $2.7 billion before the fiasco that led to the UST stablecoin losing its correlation and the collapse of LUNA to $0.

An anonymous Twitter account known as “FatManTerra” made a huge claim in the past days that the founder and CEO of Terra, spent $2.7 billion over the months leading up to the UST collapse in May.

FatMan alleged that Do Kwon used Degenbox, a borrowing protocol in the Abracadabra ecosystem, that allows users to obtain collateral to purchase UST, put it into Ancor, then use the (aUST) stack to borrow more UST, and place it in Anchor Again and so forth, in an endless loop.

Read:Over $130 Million Under Threat in a Decentralized Finance Project

Hours after the “FatMan” tweets, the Terra founder responded to refute the allegations and charges against him, calling them categorically false.

Some of his response came as follows:

This should be obvious, but the claim that I raised $2.7 billion is completely false.

He also said:

For the past two years, the only thing I’ve earned is a token cash salary from the Terra TFL Foundation, and I’ve put off taking most of the team’s cryptocurrency because:

a) I didn’t need it

b) I didn’t want to cause unnecessary finger pointing of which I already have a lot.

However, “FatMan” did not stop there.

Read:Deutsche Bank: Investors Prefer Bitcoin To Gold As An Inflation Hedge

After the Terra founder’s response, he continued to insist and focus on the founder’s mistakes, asking more unanswered questions.

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