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Exposed: Do Kwon and Terraform Labs Hold 42 Million LUNA in Secret Wallets despite Claims of Holding None

FatMan, a Twitter-based Terra community whistleblower, has not ceased coming out with fresh allegations against Do Kwon and Terraform Labs, the firm behind the development of the Terra blockchain.

In a tweet on the 6th of June 2022, FatMan said the claim of Do Kwon and Terraform Labs of not holding any Terra (LUNA 2.0) is certainly untrue. He said the firm and Kwon currently hold at least 42 million LUNA tokens.

Read Also: Here’s How This New DEX Wants to Burn Terra Classic (LUNC) After Do Kwon Failed to Listen to Users

It can be recalled that the firm, on the 25th of May, claimed in an official announcement that “The removal of the wallets from the airdrop whitelist will make Terra a fully community-owned chain. We believe this is an important step to empowering our ecosystem.”

However, the recent FatMan allegation seems to make the declaration untrue. The popular Terra whistleblower also shared a screenshot of the tweet posted by the Terra team, in which the community was assured that wallets associated with Terraform Labs (TFL) and Luna Foundation Guard (LFG) would be excluded from the LUNA airdrop whitelist.

FatMan tweeted, “Do Kwon has stated numerous times that TFL has zero new LUNA tokens, making Terra 2 ‘community owned’. This is an outright lie that nobody seems to be talking about. In fact, TFL owns 42M LUNA, worth over $200m, and they’re lying through their teeth.”

Do Kwon and Terraform Labs Have Other Secret Wallets Holding Millions of LUNA Tokens

In the same thread of tweets, FatMan revealed that Do Kwon and Terraform Labs have other secret and shadow wallets holding at least 42 million LUNA tokens. He also shared the links to the wallets. Two of the wallets were associated with Do Kwon, while the remaining three allegedly belong to Terraform Labs.

Read Also: Terraform Labs Employee: Do Kwon Launched Terra (LUNA) Despite Warnings of Possible Collapse

FatMan revealed:

“Do used his shadow wallet to approve *his own proposal* through governance manipulation (TFL is not supposed to vote), told everyone it would be a community-owned chain, and then gave himself a nine-figure score. These are just the verified wallets – there are many others.


“In the investing landscape, it’s important that retail receives symmetric information, so understand the facts and make of this what you will. Exercise caution and know what you are buying. These people have no moral fibre. They will lie for money at every possible turn.

“TFL Dawn (11.28M): TFL shadow wallet (2.01M): TFL MM (0.72M): Do Kwon shadow wallet #1 (19.69M): Do Kwon shadow wallet #2 (9.11M): Total: 42.81M LUNA.”

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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

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