Do Kwon and Terra never stop surprising us, aren’t they? Now it turns out that Do Kwon raised to fame through nepotism.
Nepotism is the practice among those with power or influence of favoring relatives or friends, especially by giving them jobs.
Basically, such an accusation means that Do Kwon has become what he has become only by help of his relatives.
So if you have lost some money during Terra and LUNA crash and blame Do Kwon, you might now now the roots of the problem.
How did Do Kwon become the Terra father
Do Kwon, the future Terra creator, became known in 2016. He managed to get a $550,000 grant from Infobank, a Korea-based communications corporation. The funding was received for Kwon’s first startup Anify, which gave a P2P communications solution.
According to one insider in the Terra team, that was a kind of unbelievable luck. The grant was given without even out a product in place.
FatMan, which is the nickname of the insider, took to Twitter to accuse Do Kwon in receiving that investment thanks to nepotism.
Kwon’s links with the Infobank CEO landed him the big funding through the Korean government, it is said.
According to Fatman, Infobank’s CEO turned out to be the father of Jang Ki-Seok, Kwon’s partner and co-founder. Also Ki-Seok was an Infobank shareholder.
Do Kwon was greedy for money
FatMan also states that the successful first investment made Kwon greedy for money.
Kwon’s Terra was created alongside Daniel Shin, a man with family connections to Samsung and the Korean CIA, he further said. Shin’s power shielded Kwon, Fatman indicated, adding that the Terra head knew that the project would most likely collapse.
Basically FatMan is accusing Do Kwon in knowing that Terra and LUNA system was weak and vulnerable. So the crash that brought many investors to poverty, is his fault.
Some Twitter users are not buying FatMan’s claims. They say the evidence is required.
But the FatMan is keeping new stories coming. His latest tweets claim that Do Kwon is launching a new decentralized stablecoin on Terra 2.0, the new blockchain that has just been launched.
This is in sharp contrast to Terra’s revival plan, which was to abandon the UST stablecoin entirely.