FatMan said it all boils down to “manipulation, lying to the public, and unfairly enriching themselves through mechanisms that were not made public.”
Terra creator Do Kwon, who is facing severe scrutiny, recently slammed “misinformation” floating in the media and downplayed serious charges by South Korean authorities as well as Interpol. The famed Terra whistleblower, FatMan, has now weighed in on the controversial figure’s statements made a few days prior on Laura Shin’s Unchained podcast.
Kwon said he is sorry, but the anonymous sleuth believes a verbal apology doesn’t do anything.
FatMan Weighs In
FatMan strongly believes the Terra boss is “putting up a persona.” While revealing having spoken to several individuals who have known Kwon in a personal capacity, the whistleblower called him a “sociopath with very little regard for people’s feelings” and to be known as a “charismatic manipulator when he wants to be.”
In an earlier interview, Kwon said to all investors that lost funds that he was sorry. But FatMan argued that taking “full responsibility” for the “weakness” in Terra’s design that triggered the catastrophic downfall is not enough. He argued that Kwon did not pledge a single dollar of his money to compensate for the losses that hit investors.
“Owing up to responsibility verbally that’s great, sure. He really doesn’t do anything. The only fair remedy to that is to return a portion of his “ill-gotten” gains. He is yet to pledge a single dollar of his own money for restitution efforts.”
Following the unprecedented collapse of Terra’s algorithmic stablecoin, the non-profit organization that supports the ecosystem, Luna Foundation Guard (LFG), revealed plans to use the remaining assets, worth around $100 million, to compensate UST holders. Earlier this month, however, it halted the planned distribution citing litigation concerns.
FatMan also accused Kwon of “dancing around” questions and not revealing much at all in his recent interview. According to the whistleblower, Kwon “is very good at using many words to say not much at all” and “certainly downplays” some of the aspects of his involvement in yet previous stablecoin project, Basis Cash.
It was earlier reported that Kwon had abandoned the project after it failed and walked away as if he had never been involved. FatMan also alleged that Kwon faked on-chain volume to lure investors to LUNA and UST.
Who is FatMan?
FatMan, who had earlier described himself as an “average middle-class guy” between 20 and 35 years old living in the UK, has been exposing Terra’s dirty secrets for quite some time now. After investing heavily in the Terra ecosystem, he reportedly lost 30% to 40% of his life savings in the collapse.
Kwon was slapped with lawsuits in the US and Singapore, for which FatMan is working on the evidence side of things to make a strong case against the exec.
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