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

Vinod Dsouza
Do Kwon TerraUST Luna Financial Fraud
Source: Infinity Financial Solutions

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.

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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.”

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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.

“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.

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

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.