TerraForm Labs (TFL) chief Do Kwon says he doesn’t care that much about money amid claims that he cashed out nearly $3 billion worth of crypto in the lead-up to his ecosystem’s spectacular crash.
The Terra (LUNA) and TerraUSD (UST) co-founder was accused by self-styled Terra insider, FatManTerra, of siphoning off $2.7 billion in 33 monthly withdrawals of $80 million each.
According to a lengthy Twitter thread posted on June 11, Kwon used Abracadabra’s Degenbox protocol, which allowed him to cash out the coins without affecting the doomed stablecoin’s peg.
However, the notoriously no-nonsense Kwon hit back, calling the accusations “categorically false” and warned that spreading inaccurate information just makes things worse for those who lost out when LUNA and UST went under.
Kwon also said that the accusations contradicted claims that he still owned most of his LUNA through an airdrop.
Kwon says he only took cash salary
In his response thread, Kwon also laid out exactly how he was paid by TFL, denying that he has taken anything but a regular wage from the South Korea-based company.
“For the last two years the only thing I’ve earned is a nominal cash salary from TFL,” protested Kwon.
He also claims to have deferred taking most of his founder’s tokens because he didn’t need to and to avoid inviting what he called “unnecessary finger-pointing” or claims that he “has too much.”
Kwon and TFL are currently subject to an investigation by South Korean prosecutors after five investors who lost a combined $1.1 million made claims of fraud and a breach of financial regulations.