According to anonymous sources, Terraform Labs CEO Do Kwon plans to reduce his Bitcoin (BTC) portfolio to zero. Before starting the article, it should be noted that these are only allegations and that they were transferred to a media organization by various anonymous sources. Here are the details…
Terraform CEO Allegedly Will Sell Bitcoin Assets
According to multiple sources, Korean entrepreneur realizes that Terra’s Ponzinomic model is unsustainable, crashing Bitcoin and the wider crypto market He decided what he wanted. A source familiar with the matter told Crypto Briefing:
He went on to talk about the failure of the UST being equivalent to the failure of crypto itself, and that no one can stop it from crashing Bitcoin because its dimensions are not its size. Then he tweeted a lot about how a non-LUNAtic is coping on the left side of the curve.
The claim comes after Kwon, who has lived in Asia for his life to avoid US regulations, was praised for resurrecting the largest bull market in crypto history in the first quarter of 2022. Luna Foundation Guard, as we’ve reported on Kriptokoin.com, is an organization established to prevent Terra’s UST from meeting the same fate as all other algorithmic stablecoins. Kwon’s faith in Terra and the strength of the broader market was so high that he bet $11 million with two experienced traders that LUNA would stay above $88 by March 2023.
Has Satoshi Nakamoto’s wallet been stolen?
Luna Foundation Guard recently became the second largest Bitcoin owner in the world. However, this alone is not enough to crash the market. However, Kwon allegedly commissioned a group of hackers who stole more than 500 Bored Ape Yacht Club NFTs to gain access to the Satoshi Nakamoto Bitcoin wallet, which accounts for about 5 percent of the supply.
Hackers say they and 0xSifu found Satoshi Nakamoto on the Wonderland Discord server and convinced him to give him his seed phrase. A source said that Kwon believes emptying his wallet will be enough to cause huge fluctuations in the market. Of course, it is worth noting that these are only claims.
The cryptocurrency community reacts
A group of fiery Bitcoin bulls have come up with a plan to stop Kwon from damaging the market. Allegedly, Nayib Bukele, Adam Back, Cathie Wood and Michael Saylor formed a group called the Bitcoin Maximal Bid Trust to promote the sale of Kwon. Saylor’s MicroStrategy supposedly has more than 100,000 Bitcoins. Meanwhile, Bukele reportedly initially allocated more than $1 billion in El Salvador’s first Bitcoin bond. It has also been reported that Anthony Pompliano is taking a break from The Best Business Show to restart the Bitcoin pizza initiative he started last year. The funds raised will go to buy spot Bitcoin.
Various other networks were affected by the news. ETH has been hurt by widespread uncertainty over the future of crypto as an asset class, with the Ethereum Foundation postponing its Proof-of-Stake upgrade to 2028 this week. Solana experienced another bottleneck earlier on Friday when users began to panic.
NFTs exit the market unscathed
While the drop has shaken most cryptocurrency holders, some bearish market participants say they are predicting this moment will come. One of multiple identities linked to Degen Spartan’s Twitter account said he was glad to see the market panicked as he got off the risk years ago. Interestingly, a segment of the crypto market seems to be trading with Bitcoin largely uncorrelated. several NFTs hit all-time high floor prices this week. A source said the hackers Kwon referred to chose to keep the Apes to keep the hot market afloat.
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