Do Kwon Slams Allegations He Cashed Out Billions Draining Terra's LUNA, UST Liquidity

Do Kwon slammed allegations painting him as the main villain behind the devastating collapse of Terra's UST and LUNA after a new claim surfaced online suggesting the Terraform Labs CEO was cashing out $80 million from the company's coffers every month for almost three years.

Kwon refuted the allegations Sunday, via his recently reactivated Twitter account: "This should be obvious, but the claim that I cashed out $2.7B from anything is categorically false." He said the allegation has two contradictory claims including the fact that "Do’s wallets are doxxed, and he still owns most of his luna through the airdrop" and that Do dumped all his tokens to make billions."

The TFL founder also said that the only thing he has earned from Terraform Labs "is a nominal salary" and claimed that he "deferred taking most" of his founder's tokens because he "didn't need it" and because he "didn’t want to cause unnecessary finger pointing of 'he has too much.'"

Kwon clarified that he was almost silent all the time because he doesn't "want to seem like playing the victim" and revealed that, like all other Terra investors, he "lost most of what [he] had in the crash too." He added that he really doesn't "care about money much" and accused those spreading "falsehoods" of adding to "the pain of everyone who has lost."

Kwon's latest statement surfaced after a Twitter user who goes by the name FatManTerra — the same one who previously claimed several whistleblowers confided to him about confidential information about TFL, Kwon and the infamous Terra crash — revealed on a Twitter thread the alleged details of how Kwon, along with Terra influencers, drained funds while successfully trying to make it appear the crypto asset's liquidity.

According to him, Kwon, with the help of the strategic program created to solve the issue of accepting non-interest-bearing token Degenbox, "cashed out $2.7 billion" in just "mere months." FatManTerra has not yet provided any piece of evidence implicating the TFL CEO.

The U.S. Securities and Exchange Commission reportedly has proof that TFL sent $80 million monthly to different cryptocurrency wallets in the months leading to the historic Terra collapse, a local South Korean news outlet had said last week. The said proof was gathered when the the watchdog conducted a remote video survey among TFL employees to look into its design structure. All of these allegations were denied by TFL CEO Kwon.