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Do Kwon’s First Startup – And His First Taste Of Both Money And Nepotism.
Terra’s Do Kwon has found himself perpetually in trouble ever since Terra LUNA and UST crashed. His attempts to save the ecosystem by creating Terra 2.0 doesn’t seem to have stopped the spill-over that came with the people’s anger after over $40 billion was lost in the crash.
Going by a Twitter handle FatMan, one guy has been on Kwon’s neck for the major part of the last few weeks. FatMan seems to have dedicated his time to unearthing and telling the world exactly who Do Kwon is.
After several damning expose`s, FatMan has unearthed yet another side of Kwon. He told the world about it in a recent Twitter thread.
🧵 Do Kwon's dynamic rise to stardom in the VC world has not been without its tricks & shortcuts. Let's have a look at Anify, Do Kwon's first startup – and his first taste of both money and nepotism. (1/8)
— FatMan (@FatManTerra) June 3, 2022
First Project Funded Through Nepotism
Apparently, Do Kwon’s appetite for big money didn’t start with Terra or UST, or even his previous collapsed stablecoin, Basis Cash.
It started with a startup company called Anify. He started it back in 2014 with a friend from Stanford, Jang Ki-seok. Anify was a P2P-based communications system.
Apparently, they got incubation funding through the friend’s father who had connections with a big bank, the Infobank. They got the money despite the fact they hadn’t fielded any product. Nepotism right there.
Shielded By Big Power
After Anify, Do Kwon developed another plan – the Terra crypto ecosystem. He developed this idea with another friend, Daniel Shin, who’s well-linked with deep pockets and Korean intelligence service (Call it Korean CIA).
The two have had a dark history at that point already, but they were untouchable. In 2022, Kwon made an OTC deal whereby he exchanged 1 billion UST tokens for $1 billion worth of Bitcoin.
Fatman report:
“In 2016, Do Kwon and his friend from Stanford, Jang Ki-seok, created Anify, a scalable P2P communications solution. As many in the tech world know, it’s not easy to get accelerators to incubate you and throw hundreds of thousands at any old buzzword-filled idea
So when Anify was sent out as a prospective investment to various companies through the Korean government TIPS incubation program, how did Do Kwon manage to get a $550,000 grant from Infobank, a big communications corporation in Korea, despite never putting out a product?
As it happened, Do Kwon had a trick up his sleeve. 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, and Infobank is refusing to comment on this. The TIPS board has stated that they will work harder on rooting out instances of nepotism. This is all thanks to amazing research work done by SBS.
I opine that after this little venture, Do Kwon started becoming greedy for more. More money, more investor funding, more fame, more connections – more power. He started dreaming bigger. “A million dollars isn’t cool. You know what’s cool? A billion dollars.””
The Ultimate Rug-Pull
Do Kwon mostly likely knew the Terra ecosystem would collapse, but his goal was just to get out with a bag of money. In recent, expose`s, FatMan explained how Kwon and his VIP Terra validators planned to play the markets and raked in huge profits at a time when the Terra community was losing money on a daily basis.
Proposal To Kick Do Kwon Out Of Terra 2.0
FatMan opines that it will be hard even for Terra 2.0 to thrive as long as bad actors are allowed to operate freely and have powers in the ecosystem. He claims to have forwarded, multiple times, proposals to have Do Kwon kicked out of Terra 2.0.