FatMan on Twitter

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It's time to uncover another one of Terra's dirty little secrets... A 'blockchain consultancy firm' they spun up in order to launder money and evade taxes. Let's have a look at company K. (1/8)

65 replies 211 retweets 1,025 likes

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FatMan‏ @FatManTerra May 30

Here's a link to KBS's coverage on the matter: they're an authoritative news source in Korea and have done some invaluable on the ground investigations. https://news.kbs.co.kr/news/view.do?ncd=5474696 … A Terra dev confirmed that company K was being used as a shell company operated by Terra. (2/8)

2 replies 19 retweets 177 likes

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FatMan‏ @FatManTerra May 30

Employees from company K had great overlap with employees from Terra and often shared the same spaces. Both were incorporated in 2018. Most in company K's employ were straight up Terra developers. Company K's CEO, Mo Kim, vehemently denied any major affiliations. (3/8)

2 replies 13 retweets 138 likes

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FatMan‏ @FatManTerra May 30

Why is this interesting? Well, Korea's tax authorities reported that last year, Terra sent 6 billion won ($4.8m) to company K's CEO. This was reported on the books as 'other expenses'. Hypothetically, if the two were one and the same, this would indicate laundering. (4/8)

2 replies 11 retweets 158 likes

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FatMan‏ @FatManTerra May 30

KBS didn't disclose who company K is... So let's find out. As many VCs will tell you, the surefire formula to a successful company is to name it a cool word and slap 'Labs' to the end. Tell me if this site looks familiar... https://kernellabs.co/ (5/8)

4 replies 9 retweets 168 likes

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FatMan‏ @FatManTerra May 30

Hey, that looks just like the Terra sites! Because they're made by exactly the same people. Kernel Labs has received no online coverage in the West, and KBS omitted the name - a lesser-known Korean news site covered the link but went under the radar. https://ilyo.co.kr/?ac=article_view&entry_id=428833 … (6/8)

4 replies 9 retweets 137 likes

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FatMan‏ @FatManTerra May 30

Now, TFL is trying to furiously scrub away their link to Kernel Labs. On May 18th, mentions of Anchor/Mirror from Kernel's site were removed. In the T2 proposal, Do hastily removed the mention, despite implying that they were partnered in the creation/maintenance of Terra. (7/8)pic.twitter.com/NfQX11qAZ8

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FatMan‏ @FatManTerra May 30

If you remember the Chai thread, you'll know Terra is no stranger to routing money through shell businesses to evade taxes, regulations, and public scrutiny. We're learning more every hour thanks to some amazing Korean volunteers who verify and translate sources for me. (8/8)

2 replies 13 retweets 209 likes

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FatMan‏ @FatManTerra May 30

PS. To any Koreans out there who are interested in some light reading, that last news site has a link to Terra's original patent (filed by Kernel Labs) written by Do Kwon and Nick Platias. I'll give it a read once the translation is complete and will share interesting findings.pic.twitter.com/GKep7rQqm0

15 replies 12 retweets 207 likes

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FatMan‏ @FatManTerra May 31

Update: Korean tax officials have released a statement confirming my initial deduction that Kernel Labs is being used for laundering/evasion - they disclosed that they fined TFL for tax evasion last year due to suspicious transactions with Kernel Labs.

6:06 AM - 31 May 2022

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13 replies 32 retweets 181 likes

1. Turkhissolo‏ @turkhissolo May 31
  Replying to @FatManTerra
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1. Fadoua Hanbar‏ @CryptoHanbar May 31
  Replying to @FatManTerra
  
  Well done keep revealing the truth to people.
  
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1. Baki Hanma‏ @whatislifebroo May 31
  Replying to @FatManTerra
  
  Horay, Luna will crash again LOL Do kwon not master of stablecoin, but he master of manipulation.
  
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1. momo‏ @Ktm500ex May 31
  Replying to @FatManTerra
  
  Nice man love what you do and every twit give me satisfaction
  
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