• Do Kwon allegedly created Mirror Protocol in order to defraud ordinary investors

  • FatManTerra, a Terra analyst and source of multiple whistleblower releases, has claimed that Mirror Protocol is a:

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

    FatManTerra discovered a wallet that used the Mirror Protocol yield farming smart contracts via Etherscan. FatManTerra claims that the wallet established the smart contract 0xdb27, which is part of the Terra wormhole infrastructure and a liquidity pool for Mirror Protocol.

    The contract looks to be operating as an LP pool for some protocol, but ULTCOIN365 cannot confirm or refute that it belongs to Mirror Protocol at this time.

    This wallet, according to FatManTerra:

    “owned most of the Mirror LPs on Ethereum. They thus farmed most of the MIR rewards, which would allow them to have a disproportionate say in governance decisions.”

    According to CoinMarketCap, the wallet in question is one of the top 20 MIR wallets. The data corresponds to FatManTerra’s next accusation.

    “I have found evidence that this wallet and related wallets try very hard to make it look like MIR governance is not majority-controlled by a single entity – they do so by splitting up MIR between several fresh anonymous wallets.”

    The MIR owned in the wallets described in the Twitter thread appears to be completely staked, giving them a disproportionate amount of voting power in MIR governance when combined.

    FatManTerra then detects many wallets that engaged by bridging tokens through the wormhole, transferring mAssets from Ethereum to Terra, purchasing $750 million tranches of UST, and spreading MIR across multiple wallets, as explained earlier.

    FatManTerra claims that someone with significant cash and access to LP contracts distributed MIR tokens across various wallets in order to make the protocol appear more decentralized. The charge is devastating to Mirror Protocol’s reputation; nevertheless, the next section of the thread shifts the course of his accusations.

    FatManTerra speculates that one of the wallets he has been following delivered coins to a DAO address where Do Kwon is an official advisor. He then describes how MIR money included in this chain of wallets were transferred to Binance and KuCoin for open market sale.

    The accusations may be linked back to the on-chain data he claims:

    “corroborates much of what the employee currently working at Jump told me.”

    FatManTerra concludes the thread by saying, ” I suggest that people examine the data and draw their own conclusions wherever possible.” The thread contains links to each of the wallets, and the beauty of blockchain is that the information is open to the public.

    The question now is if these wallets can be linked to Do Kwon and Jump Capital as he claims, and whether FatManTerra’s unnamed sources will come forward publicly to disclose more information.

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