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June 3, 2022

A Terra insider accuses Do Kwon of gaining power through nepotism

Despite Terra CEO Do Kwon launch of the new Luna 2.0, the project appears to have lost faith. Even the launch of the new blockchain came amid much discussion about Do Kwon investment after the crash wiped out billions of dollars in investor funds.

Kwon’s name first rose to prominence in 2016 after he received a $550,000 grant from Infobank, a Korean communications corporation. Kwon’s first startup, Anify, which provided a peer-to-peer communications solution, received funding.

FatMan, on the other hand, questioned how the grant was given without even having a product in place. FatMan, as he is known on Twitter, is a Terra team insider.

According to FatMan, who cites a report, Kwon received the investment due to nepotism. According to reports, Kwon’s connections with the CEO of Infobank landed him the large funding through the Korean government’s TIPS incubation program.

Jang Jun-ho, Jang Ki-father, seok’s was revealed to be Infobank’s CEO. Ki-father seok’s recommended the project to the TIPS board, and he received a large investment into Anify’s bank as a result. Ki-seok was an Infobank shareholder, it was discovered.

According to Fatman, the investment made Kwon greedy for money. Kwon’s Terra was created in collaboration with Daniel Shin, a man with family ties to Samsung and the Korean CIA, he added. Shin’s power shielded Kwon, Fatman said, adding that the Terra leader was well aware that the project would most likely fail.

However, not all investors believe FatMan’s claims. One user, DefiZealot, who claims to have been rekt by Luna, requested FatMan to provide sources. These are serious allegations that, if true, would be a huge disservice.

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FatMan stated on Tuesday that Kwon may launch a new decentralized stablecoin on Terra 2.0. This is in stark contrast to Terra’s revival plan, which was to completely abandon the UST stablecoin.