It’s time to listen to the other side. Fat Man Terra used to be a cog in the Terra machine, but nowadays he’s the protocol’s biggest critic. He’s also a researcher, and his investigation lead him to believe that Terra was a scam from the very beginning. Of course, Laura Shin’s Do Kwon interview rubbed Fat Man Terra the wrong way. So, exercising his right to reply, he went to the same platform and told his side of the story.
If what Fat Man Terra says is true, the Terra/ Luna story is a horror film.
A court will probably decide if he’s right or wrong, though. Let’s explore his allegations, taking into account that this is just the investigator’s interpretation of the facts. He might know more about the Terra/ Luna case than everyone on Earth, though.
This is the introduction to the episode titled “Fat Man Terra Speaks: Do Kwon Is a ‘Sociopath’ and a ‘Charismatic Manipulator”:
“Fat Man Terra, the anonymous Twitter account dedicated to bringing Do Kwon to justice, reacts to my recent interview with Do Kwon and says what he thinks it revealed about his personality.”
This is the video:
Fat Man Terra Presents The Case
According to the pseudonymous investigator, the Terra creators were “unfairly enriching themselves” and failed to disclose critical information to investors. On purpose.
Regarding his interview with Shin, Fat Man Terra thinks Do Kwon was “dancing around questions” and didn’t answer directly several of them.
He thinks Do Kwon was “intentionally lying” about Terra’s breakup with Chai. Both when it happened and during the interview. At best, the situation was “heavily mishandled.”
Fat Man Terra claims that on-chain data shows that TerraForm Labs cashed out billions of dollars. They cashed out throughout Terra’s whole existence.
He also thinks there’s proof that the organization has “hundreds of millions stashed away.”
According to the pseudonymous investigator, at the time Terra claimed that the protocol was attacked, but could not find “proof of fraud.”
The investigator also thinks that Do Kwon is “not able to stick to one story.” That’s a characteristic that fraudsters often exhibit. And he claims there’s a reason that regulators all over the world are looking at Terra specifically. Some things don’t add up, and this case is far from over.
LUNA price chart on Eightcap | Source: LUNA/USD on TradingView.com
Opinions About Do Kwon’s Character
Respectfully, Fat Man Terra goes for the throat. He’s been studying Do Kwon and his diagnosis is that the man is:
A “sociopath with little regard for people’s feelings.”
“Avoiding law enforcement” and “definitely on the run.”
An idiot. Apparently, Do Kwon held all of the company’s bitcoin reserves in a single wallet.
A liar. He knew that his involvement in the failed algorithmic stablecoin Basis Cash was relevant and should have disclosed it.
A thief. Do Kwon was pretending to believe in Terra over everything and promoting it as such to retail. In reality, he was “simultaneously pulling out” hundreds of millions.
According to Fat Man Terra, it all comes down to that. “If you really believe in UST, why did you cash out so much,” he asks Do Kwon. Also, why did he made up statistics and inflated the network’s numbers?
The investigator will “start to believe he’s sorry” when Do Kwon starts making affected Terra investors whole from his own pocket.
Fat Man Terra Is Still Optimistic
The parasites will always be there, surrounding the crypto space. According to Fat Man Terra, if the industry wants to survive we have to start “calling out scammers” and “pushing for justice.” He believes the industry will develop “failsafe mechanisms” to filter out bad actors and, in general, he’s “optimistic about the future of the space.” Make no mistake, though. Despite the optimism, the investigator claims that “Terra was a scam at every level.”
According to Laura Shin, Do Kwon will be back to answer the allegations in the future.