Do Kwon allegedly set up Mirror Protocol to scam retail investors

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Terra analyst and supply of a number of whistleblower leaks, FatManTerra, has alleged that Mirror Protocol is a:

“farce designed to counterpoint Do Kwon/VCs whereas manipulating governance and screwing over retail.”

FatManTerra recognized a pockets through Etherscan that deployed the Mirror Protocol yield farming good contracts. The pockets created the good contract 0xdb27, which FatManTerra alleges to be part of the Terra wormhole infrastructure and a liquidity pool for Mirror Protocol.

The contract actually seems to be appearing as an LP pool for some protocol, however presently, Crypto can neither affirm nor deny that it belongs to Mirror Protocol.

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FatManTerra highlights that this pockets:

“owned many of the Mirror LPs on Ethereum. They thus farmed many of the MIR rewards, which might enable them to have a disproportionate say in governance choices.”

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The pockets in query is listed as one of many prime 20 MIR wallets, in accordance with CoinMarketCap. The information matches with FatManTerra’s subsequent accusation.

“I’ve discovered proof that this pockets and associated wallets strive very arduous to make it seem like MIR governance just isn’t majority-controlled by a single entity – they accomplish that by splitting up MIR between a number of recent nameless wallets.”

The MIR held within the wallets recognized within the Twitter thread is outwardly all staked, giving them extreme voting energy within the MIR governance when mixed.

FatManTerra then identifies a number of wallets that interacted by bridging tokens throughout the wormhole, transferring mAssets from Ethereum to Terra, buying $750 million tranches of UST, and spreading MIR throughout a number of wallets equally to the beforehand described wallets.

Once more, FatManTerra alleges that somebody with excessive ranges of capital and entry to LP contracts was spreading MIR tokens throughout a number of wallets to make the protocol seem extra decentralized. The accusation is damaging to the repute of Mirror Protocol; nevertheless, the following a part of the thread modifications the course of his accusations.

FatManTerra means that one of many wallets he has been monitoring despatched tokens to a DAO deal with for which Do Kwon is an official advisor. He then describes how MIR funds included on this internet of wallets have been transferred to Binance and KuCoin to be bought on the open market.

The accusations might be traced by reviewing the on-chain knowledge which he claims:

“corroborates a lot of what the worker at the moment working at Soar instructed me.”

FatManTerra concludes the thread by saying, ” I recommend that folks look at the information and draw their very own conclusions wherever potential.” Hyperlinks to every of the wallets can be found within the thread, and the fantastic thing about blockchain is that the data is free for the world to see.

The query now’s whether or not these wallets might be formally tied to Do Kwon and Soar Capital as he alleges and whether or not FatManTerra’s unnamed sources will come ahead publically to disclose extra info.

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