- Terraform Labs’ founder called out Cointelegraph for reporting fake news about him.
- Cointelegraph claims Kwon tried to withdraw $67 million worth of Bitcoin.
- Kwon proclaimed he never tried to make such a withdrawal and last used KuCoin and OKX exchanges a year ago.
Do Kwon, the controversial entrepreneur behind the Terraform Labs’ blockchain, has called out a report by Cointelegraph as fake news on Twitter.
Cointelegraph reported that Kwon attempted to cashout out 3,333 units of bitcoin (BTC), equivalent to $67 million, the day after the Korean authorities issued an arrest warrant against him on September 14.
The report also asserted that the entrepreneur received significant BTC transfers to the KuCoin and OKX exchanges, which were frozen on arrival.
In response to these claims, Kwon firstly registered how much people spread inaccurate information about him since he became the center of attraction following the monumental collapse of Terra LUNA 1.0 and the algorithmic stablecoin UST.
He then proclaimed that he made no attempts to withdraw any bitcoin and never used KuCoin and OKX exchanges in at least one year. “[N]o funds of Terraform Labs, Luna Foundation Guard, or any other entities have been frozen,” he added.
What has been probably the most surprising in all this is the amount of misinformation that gets spread.
There is no “cashout” as alleged, i havent used kucoin or okex in at least the last year, and no funds of tfl, lfg or any other entities have been frozen. https://t.co/E1cbKgoqQz
— Do Kwon 🌕 (@stablekwon) September 28, 2022
Two weeks ago, the Seoul court issued a warrant for Kwon and five others for violating the nation’s capital markets laws. Reports said Kwon left Singapore as soon as the arrest warrant became public, requiring officials to contact Interpol for assistance.
After Terra’s UST sank to $0.006218 and its sister cryptocurrency LUNA fell by 1,634% to $0.00001675, Kwon found himself amid crypto’s most dramatic collapse.
The collapses of UST and LUNA in May caused a global crypto catastrophe from which there has been no sign of recovery.
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