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

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


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

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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.

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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.

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Lele Jima
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.

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