Saturday, August 13, 2022
Home Crypto News Market Terra Influencer FatMan Spots Loopholes in Coindesk Korea Report Accusing TerraForm Labs...

Terra Influencer FatMan Spots Loopholes in Coindesk Korea Report Accusing TerraForm Labs Crashing UST and LUNA

- Advertisement -

The popular whistleblower has come to the defense of TFL, as he identifies a major loophole that makes the Coindesk Terra report false.

Popular Terra influencer who is known by the pseudonym, FatMan has berated the report published by Coindesk Korea and Uppsala Security, which accused TerraForm Labs (TFL) of being the owner of the wallet that caused the collapse of its ecosystem tokens UST and LUNA.

FatMan: Coindesk Report Is Untrue

FatMan took to Twitter to disclose the loopholes he discovered in the report, thus declaring the so-called investigation conducted by Coindesk Korea and Uppsala Security false.

Recall that Coindesk Korea published a report accusing TFL of being linked to the wallet that conducted the transactions, which deliberately caused the de-pegging of Terra USD (UST) as a result the coin plunged massively. FatMan dismissed the report, saying it is untrue and “nonsense.”

“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,” FatMan said.

While highlighting the conclusion of the Coindesk report, FatMan stated that the wallet referred to as the LUNC DAO wallet does not belong to Terra, adding that the address cited in the report is a hot wallet on KuCoin.

The popular Terra whistleblower noted that it is obvious that the two addresses are not linked by the mere virtue of receiving funds from the KuCoin cryptocurrency trading platform.

He added that his recent discovery proves that the report is sinister and has no solid proof backing it.

“I am disappointed that an outlet as prestigious as CoinDesk Korea would publish this without running basic checks,” FatMan concluded.

FatMan Previously Accused Kwon of Cheating

Meanwhile, FatMan had recently accused Do Kwon, the founder of TFL, of being the owner of a mystery wallet that has over 20 million $LUNA coins.

FatMan alleged that the Terra founder had been using the wallet to vote on proposals created on Terra to ensure things go in his favor at the expense of the community.

Terra and Kwon have been under widespread scrutiny in recent times for their roles in the collapse of $LUNA and TFL. The Terra boss was recently alleged to have cashed out over $2 billion weeks before Terra crashed.

However, Kwon has denied all reports indicting him and his company, saying TFL is focused on making investors whole and would not like to be distracted by negative reports.

- Advertisement -


The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Lele Jimaa
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

IOG Says “Getting Things Right” Is The Priority After Cardano Investor Asked When Vasil Will Launch

  IOG has responded to ADA investors who are eager to know the exact date for the launch of the Vasil hard fork.  Input Output Global...

The Deputy Minister Of Digital Transformation Says Ukraine Should Launch A CBDC

Alex Bornyakov is in support of a digital hryvnia. In a four-tweet thread on Friday, Ukraine's Deputy Minister Of Digital Transformation, Alex Bornyakov, argues that...

Shiba Inu Lead Developer Gets A Harsh Response From “Can You Pet The Dog”

  "Can You Pet The Dog" Shuns Shiba Inu Game, Shiba Eternity As It Wants Nothing To Do With Crypto Projects. ...

Shiba Inu And BONE Becomes Top Trending Coins in Asia, USA, and Canada

Shiba Inu and Bone are trending worldwide. window.coinzilla_display = window.coinzilla_display || ; var c_display_preferences...

NOWNodes Adds Support for Shiba Inu Burn Portal Reward Token Ryoshi Vision (RYOSHI)

  The listing of RYOSHI will enable developers to build on Ryoshi Vision via NOWNode's platform. window.coinzilla_display =...

71,225 XRP Holders Now Stand With Ripple Against SEC, Deaton Says All XRP Investors Are Leaders Of XRPArmy

  The Amici attorney has commended XRP investors for their collaboration toward Ripple’s legal battle against the SEC.  ...

One Year After Burning Mechanism Launched, 2.5 Million Ethereum Worth $5B Burnt, Is ETH Becoming Deflationary?

  About 2.1% of Ethereum's circulating supply has been burned since the London hard fork. window.coinzilla_display = window.coinzilla_display...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.