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News

FatManTerra Announces Lawsuits Against Terraform Labs, Do Kwon, Jump Capital

July 27, 2022 - Around 2 mins mins to read
Terra’s now-famous Dark Knight, FatManTerra, has announced a class action lawsuit through US attorney Scott+Scott to recover UST investments following the collapse of the ecosystem.
FatManTerra Announces Lawsuits Against Terraform Labs, Do Kwon, Jump Capital

FatManTerra announced in a Tuesday Twitter thread that he is collaborating with US law firm Scott+Scott to launch a class-action lawsuit for victims of the UST collapse. He also indicated that incidents in jurisdictions other than the United States are comparable.

On May 11, 2022, a new Twitter account was created to promote a Terra governance proposal to “use UST peg reserves to refund smallholders to mitigate the most severe impacts of the crisis.” This account was to become the home of the pseudonymous FatManTerra.

FatManTerra’s proposal was supported by ”Vitalik, Binance, and Justin Sun” according to FatMan’s thread and “involved a direct conversion to USDC and refund to UST holders using an FDIC-style cap.”

Before a formal proposal could be submitted in the official governance protocol for Terra on Terra Station, the Luna Foundation Guard announced that Bitcoin reserves are used to redeem Terra assets through OTC transactions.

FatMan recounted that he was “heartbroken” to see a system he “really believes in” collapse in this way with the UST peg lost and its reserves wholly depleted.

FatManTerra Announces Lawsuits Against Terraform Labs, Do Kwon, Jump Capital

In the thread, FatMan recalls many parts of the Terra story he has revealed over the past few months. He recounts the volume of fake Bottles to increase demand artificially, Jumping into the UST Guarantee Fund in 2021, Do Kwon siphoning money into offshore accounts, and forging Anchor volume to create “one side stable money.”

FatManTerra finished the thread by empathizing with other investors, stating:

“We demand a fair trial to uncover all of TFL & Do Kwon’s wrongdoings and so that justice can take its course… One way or another, Do Kwon will either atone for his sins or face retribution.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

FatManTerra Announces Lawsuits Against Terraform Labs, Do Kwon, Jump Capital

Terra’s now-famous Dark Knight, FatManTerra, has announced a class action lawsuit through US attorney Scott+Scott to recover UST investments following the collapse of the ecosystem.
FatManTerra Announces Lawsuits Against Terraform Labs, Do Kwon, Jump Capital

FatManTerra announced in a Tuesday Twitter thread that he is collaborating with US law firm Scott+Scott to launch a class-action lawsuit for victims of the UST collapse. He also indicated that incidents in jurisdictions other than the United States are comparable.

On May 11, 2022, a new Twitter account was created to promote a Terra governance proposal to “use UST peg reserves to refund smallholders to mitigate the most severe impacts of the crisis.” This account was to become the home of the pseudonymous FatManTerra.

FatManTerra’s proposal was supported by ”Vitalik, Binance, and Justin Sun” according to FatMan’s thread and “involved a direct conversion to USDC and refund to UST holders using an FDIC-style cap.”

Before a formal proposal could be submitted in the official governance protocol for Terra on Terra Station, the Luna Foundation Guard announced that Bitcoin reserves are used to redeem Terra assets through OTC transactions.

FatMan recounted that he was “heartbroken” to see a system he “really believes in” collapse in this way with the UST peg lost and its reserves wholly depleted.

FatManTerra Announces Lawsuits Against Terraform Labs, Do Kwon, Jump Capital

In the thread, FatMan recalls many parts of the Terra story he has revealed over the past few months. He recounts the volume of fake Bottles to increase demand artificially, Jumping into the UST Guarantee Fund in 2021, Do Kwon siphoning money into offshore accounts, and forging Anchor volume to create “one side stable money.”

FatManTerra finished the thread by empathizing with other investors, stating:

“We demand a fair trial to uncover all of TFL & Do Kwon’s wrongdoings and so that justice can take its course… One way or another, Do Kwon will either atone for his sins or face retribution.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

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