Billy Markus, co-founder of the largest meme coin Dogecoin (DOGE), talked about Terra (LUNA) founder Do Kwon and the ecosystem. Here are the details…
DOGE founder tweeted about Do Kwon
Do Kwon has managed to get his fellow developers to a point where all the allegations against him are no longer shocking. An example of this would be the most recent allegations against him which linked him to a TFL money laundering scheme. As we reported on Kriptokoin.com, TFL employees confirmed to the US Securities and Exchange Commission (SEC) that Do Kwon embezzled Terra’s funds. Do Kwon transferred $80 million per month from corporate funds to private crypto wallets and foreign banks. But people like Dogecoin creator Billy Markus were not at all surprised.
Billy tweeted a slightly sarcastic GIF, pretending to be shocked by the allegations. The DOGE founder is not shocked because he believes in the notion that “every crypto project is made to enrich creators at the expense of the community” these days. Recently, the DOGE founder criticized Luna 2.0. “Luna 2.0 will show the world how stupid crypto gamblers really are,” he said.
Other users also continue to react to Kwon
Other users took their chance to make a comparison between Do Kwon and Bernie Madoff. In 2009, Madoff was responsible for the loss of $60 billion in investor money. He was sentenced to 150 years in prison. In 2022, Do Kwon lost the same amount of investor funds when Luna and UST collapsed in May.
According to employees interviewed by the SEC, Do Kwon was transferring $80 million in Terra funds each month before Luna collapsed. Blockstream’s Adam Back believes these actions contributed significantly to the collapse of the Terra ecosystem. Back used the following expressions:
Just 12 x 80 million dollars = $1 billion. This level of selling and the resulting leverage increase may have contributed significantly to the collapse, depending on market capitalization over time.
SEC investigating Kwon
Do Kwon and TFL are currently being investigated by the SEC. Their appeal against a previous SEC subpoena was dismissed by the appeals court a few days ago. This means that Kwon is still in legal trouble in the US. The lawsuit concerns whether it used the Mirror Protocol to sell and sell UST as unregistered securities in the United States. Kwon argues that the SEC has no authority to impeach him. However, things are different where it is in South Korea. A South Korean tax officer seeks a settlement of $78 million for tax evasion.
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