This Week on Crypto Twitter: Terra Conspiracy Theories Swirl as All Eyes Turn to Do Kwon


Illustration by Mitchell Preffer for Decrypt

Fans of cryptocurrencies, don’t be afraid. The worst happened. After seven long weeks of declines, prices finally it stopped falling. Although the time it will take is any guesswork.

This week on Crypto Twitter, Terra CEO Do Kwon was in the dock while conspiracy theories were leveled against him and the entities under which he acted during The historical collapse of Earth. Terraform Labs, the Luna Foundation Guard, and finally Kwon himself are accused of fraud, unscrupulous profit, and tax evasion.

To get an idea of ​​the scale of the damage, consider Binance’s LUNA investment.

Today, the total stock market shares are worth just under $ 3,000.

This week reports it turned out that Kwon was able to use his non-profit organization, the LUNA Foundation Guard, to rescue the whales by transferring huge amounts of Bitcoin to Binance and Gemini and using it to buy them UST for about $ 1. at which point UST was worth about $ 0.60 in the secondary markets.

On Tuesday, Twitter user FatMan claims to be affiliated Earth Research Forumaccused Kwon of dodging LUNA’s success by charging hundreds of millions of dollars. “directly out of the market capitalization of LUNA ”in recent years“ to pay the salaries of the employees of Terra and the running expenses ”.

Later in the week, FatMan asked Kwon if the reports were in Korean press they are right: is it currently being harassed by South Korean tax authorities for $ 78 million? Kwon cleared the air.

Kwon also said South Korean authorities had “creatively charged millions of crypto companies” to recover from a pandemic-induced recession, and Terra has complied to the last penny.

The creator of Earth then answered some urgent questions from the community, including why he doesn’t like it follow the advice of many, including the CEO of Binance Changpeng Zhao—And burn most of the spiral supply after LUNA’s death of 6.5 trillion basically worthless chips.

Many have accused Kwon of making an elaborate coup after remaining silent for two days at the height of Earth’s death, but his slightly improved responsiveness and transparency have since seemed to have regained FatMan on Saturday.

Still, the heat is on Kwon for a while. Doo Wan Nam, chief operating officer of blockchain research and investment firm StableNode, tweeted that South Korean Earth investors are now filing criminal and civil lawsuits against Kwon, alleging fraud.

The aftermath of the collapse of Earth has also had wider repercussions for the entire cryptographic industry. Now people want to know if other stable currencies, like Tether, are really protected to the last dollar. After all, it was disputed several times before.

FTX CEO Sam Bankman-Fried believes audits and oversight are key to protecting consumers in the future.

Elsewhere

Outside of the industry-wide Earth autopsy, other notable things happened on Crypto Twitter this week. For starters, Salvadoran dictator Nayib Bukele wants you to know that his government is still optimistic about Bitcoin. What Bukele fails to mention is that he currently has $ 34 million in the hole of your investment in Bitcoin. Smile through the pain, Bukele!

On Friday, someone tried to discredit The NFT Women’s World alleging that the PFP portraits in the collection are inspired by images of murdered women. The accuser’s “evidence” is questionable and is based essentially on an allegedly unproven romance between WoW artist and founder Yam Karkai and sex cult leader Keith Raniere.

Why would this person drag World of Women like this? An account called CryptoRock gave a plausible explanation.

Finally, those who want to know the net worth of the creator of Ethereum, Vitalik Buterin, now have a little more clarity. He’s not a billionaire (already).

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