Breaking: Terra Insider Blames Do Kwon Of Rising Through ‘Nepotism’

Anvesh Reddy
June 3, 2022
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Do kwon terra luna

Although Terra chief executive officer Do Kwon launched the new Luna 2.0, the project seems to have lost its trust. Even the launch of the new blockchain came amid much debate on Do Kwon investment after the crash wiped out billions of investor funds.

Advertisement
Advertisement

‘Kwon’s Tricks & Shortcuts’

It was in 2016 that Kwon’s name first sprung into prominence after he managed to get a $550,000 grant from Infobank, a Korea-based communications corporation. The funding was received for Kwon’s first startup Anify, which gave a P2P communications solution

However, FatMan questioned as to how the grant was given without even out a product in place. FatMan, as named on Twitter, is an insider of the Terra team.

FatMan, quoting a report, says that the investment was received by Kwon thanks to nepotism. Kwon’s links with the Infobank CEO landed him the big funding through the Korean government’s TIPS incubation program, it is said.

“Infobank’s CEO turned out to be Jang Jun-ho, the father of Jang Ki-seok. Thanks to the wonders of nepotism, Ki-seok had his father recommend the project to the TIPS board, and received a large investment into Anify’s bank. It turns out that Ki-seok was an Infobank shareholder.”

Advertisement
Advertisement

Kwon’s Greed For Money

Fatman opined that the investment made Kwon greedy for money. Kwon’s Terra was created alongside Daniel Shin, a man with family connections to Samsung and the Korean CIA, he further said. Shin’s power shielded Kwon, Fatman indicated, adding that the Terra head knew that the project would most likely collapse.

However, not all investors are buying into FatMan’s claims. One user by name DefiZealot, who claims to have got rekt by Luna, asked FatMan to cite sources. “These are serious allegations that can be a huge disservice if being just made up.”

On Tuesday, FatMan said Kwon could launch a new decentralized stablecoin on Terra 2.0. This is in sharp contrast to Terra’s revival plan, which was to abandon the UST stablecoin entirely.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.