Sunday, December 10, 2023

Terra Conspiracy Theories Are Swarming Crypto Twitter: Report

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A lot of Terra conspiracy theories are swarming the crypto Twitter space with many accusing Do Kwon of foul play but he stood his ground and won back some support so let’s read more today in our latest cryptocurrency news.

After a week of market crashes, the prices finally stopped dropping but how long will that take, we can only guess. On crypto Twitter, however, multiple Terra conspiracy theories emerged, accusing the founder Do Kwon of foul play. Many believed that he and the entities he acted under during the collapse, were responsible for what happened. Terraform Labs and the Luna Foundation Guard were accused of fraud, tax evasion, and unscrupulous profiteering.

This week, the reports made the rounds that Kwon used his NGO, Luna Foundation Guard to bail out the whales by moving larger amounts of BTC on Binance and Gemini and using it to purchase UST from them and close to face value at $1 when UST was worth $0.60 on the secondary markets. Twitter user FatMan who claims to be affiliated with the Terra Research Forum accused Kwon of skimming off the top of LUNA’s success by cashing out hundreds of dollars out of the LUNA market cap in the past few years to pay Terra’s employee salaries and other operating expenses. Later in the week, he asked Kwon whether the reports in the Korean press are true that he owed $78 million in unpaid taxes but Kwon cleared the air.

Kwon said the south Korean authorities charged millions from the crypto companies to recover from a recession and Terra complied. The founder of Terra fielded some pressing questions from the community like why he is not keen on following the advice that many are giving which is why most accused him of a rug pull after he remained silent for two days at the height of the Terra demise but it then improved responsiveness and transparency.

The heat is on Kwon for a while now. Chief operating officer at StableNode Doo Wan Nam, also tweeted that the South Korean investors are filing criminal and civil lawsuits against Kwon for fraud. The consequences of Terra’s collapse had broader repercussions from the industry and now people want to know if other stablecoins such as Tether are backed up by the dollar which has proven to be disputed af ew times before in the past.

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