Terra’s CEO has finally responded to numerous allegations about his company.
Recently, there have been numerous reports about the Terra incident and how the TerraForm Labs (TFL) team handled the situation.
Responding to these unfavorable reports about TFL, Do Kwon, the CEO, and founder of the company has dismissed these reports, claiming they are false but his twitter still remains private.
Kwon’s Response to Negative Reports
The Terra exec took to microblogging platform Twitter to comment on recent reports about the company during the days when the project was still under development.
Recall that earlier this week, an anonymous “Terra’s Anchor program developer” alleged that Kwon refused to heed warnings that the cryptocurrency project will crash if he raises interest rates above 3.6%.
The “core developer” noted that he was shocked to find out that Kwon would be launching the Terra project at a ridiculously high interest of 20%.
Kwon, via his Twitter account, noted that the report is false while urging the cryptocurrency community to run a quick check on Terra’s code to discover whether such occurred.
“Open source development is transparent, and I would urge the media to check if a single line of code by your ‘experts’ has ever made it into production,” Kwon said.
for the airdrop he said:
“while TFL intends to continue supporting and building on the Terra 2.0 network, it is not by any means a “TFL-led” chain – we consciously bowed out of airdrop allocations and all the decisions are being made by various community groups, albeit in a rocky fashion.”
More Negative News About Terra
Meanwhile, reports about Kwon ignoring “expert” advice on the expected collapse of Terra should the project offer higher interest, is not the only negative news about the company in recent times.
As reported, a South Korean police official disclosed to Bloomberg today that TFL employees are under investigation for embezzling its Bitcoin reserve.
“The Seoul Metropolitan Police Agency is investigating a report about a “suspicious” crypto wallet that may have been used to embezzle Bitcoin, an official said by phone on Thursday,” Bloomberg reported today.
In other reports, some employees of the TFL reportedly told the United States Securities and Exchange Commission (SEC) that Kwon had engaged in a money laundering scheme.
The employee noted that Kwon used the scheme to transfer as high as $80 million monthly to a crypto wallet and to other foreign accounts prior to when the unfortunate incident befell the company.
The development is one of the reasons why the SEC is planning to charge Kwon and his company for their roles in causing massive losses to investors.
Kwon to be Proactive In Communicating to the Press
Based on the numerous negative reports about the company in recent times, Kwon has stated that TFL and the company will be more proactive in communicating to the press going forward, in order to disclose the right information to the public.
For the time being, Kwon has taken his Twitter account private, allowing only a handful of his followers to gain access to his account going forward.
While it is not clear why he took the stringent action, Kwon suggested in today’s tweet that Terra’s builders need to be left alone to concentrate, as these negative reports could cause distractions.
“I remain excited by the continued passion and ingenuity of Terra’s builders as the community navigates this difficult time – let’s leave them alone to build,” Kwon added.