The CEO and the co-founder of Luna, Do Kwon, recently refuted all the claims of him cashing out a sum of $80 million every single month for close to three years. There were several unconfirmed reports that came up on the 11th of June, which claimed that the participation of Kwon in draining the liquidity out of UST and LUNA before the crash took place was designed to purchase the dollar-pegged stablecoin like Tether.
The rumors about Kwon cashing out the reserves of UST and LUNA came up after a Twitter thread shared by a user went on to highlight all the alleged details on how Kwon- along with quite a few Terra influences- had been able to completely drain the funds while putting up a veneer of liquidity.
Do Kwon Refutes Claims Of Embezzlement
Regardless, Do Kwon went on to advise the crypto community to steer far clear from fueling the rumor until it had been proven true. He stated that the fact that he didn’t cash out $2.7 billion should have been obvious. Putting up his side of the story, Kwon went on to mention that the recent rumors of him putting up cash deposits of $80 million per month definitely contradicted the claims that he was still holding onto most of his own LUNA holdings, which were further procured during the airdrop. Moreover, Kwon went on to reiterate further that his income over the last couple of years had simply been a cash salary from TFL.
Do Kwon further informed the community that spreading false rumors did add to the pain of all investors of LUNA. He remarked that he hadn’t said much initially when the claims surfaced, but he had also lost a lot during the crash of LUNA. He also spoke about how he had stated quite a few times that he didn’t really care much about money.
One of the developers from Anchor Protocol, Mr. B, had interestingly warned Do Kwon about the increasingly unrealistic high interest rates. If that factored into the crash of LUNA, who would be held responsible?