Although Terra chief executive officer Do Kwon launched the new Luna 2.0, the project seems to have lost its trust. Even the launch of the new blockchain came amid much debate on Do Kwon investment after the crash wiped out billions of investor funds.
‘Kwon’s Tricks & Shortcuts’
It was in 2016 that Kwon’s name first sprung into prominence after 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
However, FatMan questioned as to how the grant was given without even out a product in place. FatMan, as named on Twitter, is an insider of the Terra team.
FatMan, quoting a report, says that the investment was received by Kwon thanks to nepotism. Kwon’s links with the Infobank CEO landed him the big funding through the Korean government’s TIPS incubation program, it is said.
“Infobank’s CEO turned out to be Jang Jun-ho, the father of Jang Ki-seok. Thanks to the wonders of nepotism, Ki-seok had his father recommend the project to the TIPS board, and received a large investment into Anify’s bank. It turns out that Ki-seok was an Infobank shareholder.”
