Rabbit in a hat, text asking id Do Kwon made 2.7B disappear?

Do Kwan allegedly made 2,7 billion disappear before the LUNA crash

By Patch | Things of note and other interesting stuff | 13 Jun 2022

It looks like some of the all-time great magicians like David Copperfield can't hold a candle to Do Kwon if these new/old allegations are to be believed. And just as always reality might trump fiction, as these allegations if true, are much worse than the scenario that I made up in my conspiracy post.

To clarify things, because I am somewhat lazy I have decided to skip the allegedly part because it is annoying to type it over and over again. Therefore I say here that all claims made in this post are alleged claims.

What are the allegations?

A Twitter user by the name of Fatman has in a series of tweets claims they show how Do Kwon has removed 2.7 billion from the liquidity pool. This was soon by something called Abracadabra's Degenbox. This is a lending protocol that makes use of the high taking interest on Anchor. In short, you deposit UST, then borrow against it. These borrowed tokens then get wormedholed over to TERRA and put in Anchor as collateral. You then borrow against this collateral. This new money then gets wormholed back to Abracadabra where you deposit it and borrow against it again. And repeat the cycle.

Thes UST was then cashed out via MIM at a 1:1 ratio. And with some well-placed bribes to voters. There were able to with this type of circle lending make it so it looked like the liquidity was never removed from the system. Because it looked like the Spell token, Abracadabra's main token was the source of the liquidity. But in fact, it was just debt supporting debt.

And to no one's surprise, Do Kwon has denied this. What I however find interesting is that FatMan is not the first one to bring this 2.7B to light. And they end by referring to the original series of tweets made on that topic. Something Do Kwon did not address at the time.

Is this because now Do is feeling the pressure of the noose tightening? I do not really know but it sure looks like it. But then of course he might just have missed the previous series of tweets. But I somehow doubt it, given his propensity to ridicule people who point out flaws or things not being as they should. And especially as he was tagged in the original series of tweets, but was untagged in FatMans twitter series.

What do the pictures slowly taking form look like?

I more and more get the feeling that the 2.7B always was the plan. And the TERRA collapse was the equivalent of a magician's attempt at misdirection. Or if you will the same as burning down the house to try and hide the evidence. At least I get the feeling that that is the picture being painted. Especially as it was only a few days ago that one of the devs. behind Anchor has stated in an interview in the South Korean media outlet JTBC that the change to offer 20% interest was made just a week before launch.

He then goes on to say the system was originally designed to support a 3.6% interest. He said he knew 100% that it would fail because of the high-interest rates. And he even suggested to Do Kwon that the interest rates should be lower. But this proposal was not accepted. JTBC also claims it has accessed internal documents that show the increased interest was done as an attempt to attract investors.

It is looking more and more like the puzzle pieces are falling into place...

What are your thoughts on this, is it all a master plan executed by Do Kwon, or is this just an example of the perfect storm where it looks like one thing but in fact is just circumstantial? Things like this are normal to find surrounding such a cataclysmic event as the TERRA crash. Or is it direct evidence of what the crash happened in the first place? Please share your thoughts on this and the whole TERRA/LUNA thing in the comment section down below.

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