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Do Kwon’s Wallet was Not Behind the Depegging of TerraUST

June 15, 2022
in Altcoin
Reading Time: 3 mins read
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Do Kwon’s Wallet was Not Behind the Depegging of TerraUST
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CoinDesk Korea published an article yesterday suggesting that the mysterious wallet behind the de-pegging of TerraUST is owned by Terraform Labs. The article went on an in-depth analysis of wallet transfers from various points accusing Terraform Labs to be the one that depegged the USD. In conclusion, the article claimed that the de-pegging of TerraUST was an inside job and was initiated deliberately.

Also Read: Celsius could experience more heat as past speculations resurface

Did TerraForm Labs Wallet Really Depeg TerraUST?

Anonymous Twitter user’ FatManTerra‘ who revealed multiple wrongdoings of the Terraform Labs team by accusing them of financial fraud, took to Twitter stating that Coinbase Korea’s article is false and baseless.

Moreover, he also urged Coinbase Korea to pull down the article as the information provided in it is inaccurate.

“CoinDesk Korea just released the bombshell revelation that the wallet behind the UST de-pegging is actually owned by Terraform Labs. If true, this would mean TFL intentionally caused the de-pegging.”

CoinDesk Korea just released the bombshell revelation that the wallet behind the UST depegging is actually owned by Terraform Labs. If true, this would mean TFL intentionally caused the depegging. https://t.co/FPvEYjuuq1

But it’s not true – it’s total nonsense. (1/4)

— FatMan (@FatManTerra) June 14, 2022

Read Also: Post Terra, Celsius debacle, Is 3 Arrow Capital facing concerns now?

He added, “I found a major hole in their report (based on research from Uppsala Security, a chain analysis firm) making the whole thing untrue.”

FatManTerra also showed disappointment that the large news outlet published the bombshell story without thoroughly fact-checking.

The news is wildfire. It’s already big in Korea, and the data found is being used by Korean prosecutors. It’s on Huobi Global as well. But, I found a major hole in their report (based on research from Uppsala Security, a chain analysis firm) making the whole thing untrue. (2/4)

— FatMan (@FatManTerra) June 14, 2022

“If you need your reports fact-checked, feel free to get in touch. I’m always here. I am disappointed that an outlet as prestigious as CoinDesk Korea would publish this without running basic checks.”

In conclusion, the notion that Terraform Labs wallet was behind the de-pegging of the TerraUST is false. Also, there is no concrete evidence to support the claims, and the wallet that actually depegged the UST remains to be a mystery.

PS. If you need your reports fact-checked, feel free to get in touch. I’m always here. I am disappointed that an outlet as prestigious as CoinDesk Korea would publish this without running basic checks.

— FatMan (@FatManTerra) June 14, 2022

Nonetheless, read the Twitter thread below by FatManTerra that debunks the claims that Terraform Labs was behind the de-pegging.

It’s still so wild to me that a chain analysis company with offices in multiple countries working a month-long investigation, Korean TV media, and Korean prosecutors all believed that TFL broke their own peg just because they mistook the KuCoin hot wallet for a Twitter LARPer’s. https://t.co/CIeD3dkF9w

— FatMan (@FatManTerra) June 14, 2022

Moreover, at press time, Luna 2.0 was trading at $2.38 and is down 12.8% in the 24-hours day trade. It is also down 87.2% from its all-time high of $18.87, which it reached on launch day last month.


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