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Terra Do Kwon Explains How SBF And Genesis Led Terra-LUNA Crisis

Terra Do Kwon Explains How SBF And Genesis Led Terra-LUNA Crisis

Terra co-founder Do Kwon on Thursday blamed former FTX CEO Sam Bankman-Fried and Genesis for the Terra-LUNA disaster. He strongly believes that Genesis Buying and selling supplied $1 billion in TerraUSD (UST) stablecoin to Sam Bankman-Fried or Alameda earlier than the UST depeg.

The assertion comes as federal prosecutors investigating the FTX disaster and its relation to Alameda Analysis begin a market manipulation inquiry into whether or not FTX and Alameda led to the Terra-LUNA disaster.

Terra’s Do Kwon Needs SBF and Genesis to Reveal the Fact

Terra founder Do Kwon in a series of tweets on December 8 reveals how Sam Bankman-Fried’s FTX, hedge fund Alameda, and Genesis Buying and selling triggered the collapse of TerraUSD (UST) stablecoin and Terra (LUNA).

Do Kwon asserts Genesis Buying and selling bought billions in UST from Luna Basis Guard (LFG) and transferred it to FTX or Alameda earlier than the USD depeg. SBF used the funds to control the costs to profit entities together with FTX and Alameda Analysis.

“I believe the time has come for Genesis Buying and selling to disclose in the event that they supplied the $1B UST shortly earlier than the crash to SBF or Alameda – the acquisition from LFG was represented as stemming from “curiosity to take part within the Terra Defi ecosystem” – to not present ammo for a peg assault.”

Do Kwon additionally questioned why Alameda borrowed over $1 billion in Bitcoin from Voyager through the UST depeg. Additionally, Alameda requested different massive corporations to borrow extra Bitcoin, roughly $10 billion. He desires SBF to disclose the reality behind these massive transactions. He believes Sam Bankman-Fried’s cryptocurrency buying and selling agency Alameda positioned an enormous guess on the worth of Terra (LUNA) falling.

As well as, he reveals that Alameda was behind the “massive forex contraction that UST went by means of in Feb 2021.” Alameda bought 500 million in UST in minutes to empty the Curve liquidity swimming pools through the Magic Web Cash (MIM) disaster.

“What’s performed in darkness will come to mild.”

Prosecutors Examine SBF Over Market Manipulation

U.S. federal prosecutors investigating the FTX disaster and its relation to Alameda Analysis, have began an inquiry into whether or not SBF was behind the collapse of TerraUSD (UST) and Terra (LUNA) crash.

SBF misappropriated billions of {dollars} in buyer funds together with his hedge fund Alameda. The promote orders for TerraUSD through the crash have been coming from Alameda.

Additionally Learn: Terra Rebels Transfers Terra Station Help To TerraCVita



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