Terra analyst and source of several whistleblower leaks, FatManTerra, has alleged that Mirror Protocol is a “farce designed to enrich Do Kwon/VCs while manipulating governance and screwing over retail.”
Through Etherscan, FatManTerra identified a wallet that has deployed the Mirror Protocol yield farming smart contracts. This wallet generated the 0xdb27 smart contract, which FatManTerra alleges is a part of the Terra wormhole infrastructure and liquidity pool (LP) for Mirror Protocol.
The contract is acting as an LP for several protocols, but currently, there is no certain proof that it belongs to Mirror Protocol.
FatManTerra emphasizes that this wallet:
“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.”
The mentioned wallet is one of the top 20 MIR wallets, according to CoinMarketCap. This data matches 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.”
All MIRs held in the wallets identified in the Twitter thread are clearly staked, giving them too much voting power in MIR governance when combined.
FatManTerra then identified a number of wallets that interacted by connecting tokens via the wormhole, transferring mAsset from Ethereum to Terra, buying $750 million tranches of UST, and spreading the MIR across many wallets similar to the ones mentioned above.
FatManTerra continued to allege that someone – who owns large amounts of capital and has access to LP contracts – is spreading MIR tokens across multiple wallets to make the protocol more decentralized. This allegation has certainly damaged Mirror Protocol’s reputation. However, the next part changed the direction of the accusation.
FatManTerra suggested that one of the wallets he is following sent the token to the DAO address in which Do Kwon is an official advisor. He described how MIR funds are integrated into this wallet network and transferred to Binance, KuCoin to be sold on the open market.
Everyone can trace and verify the allegations by reviewing the on-chain data. FatManTerra then claimed:
“Corroborates much of what the employee currently working at Jump told me.”
”I suggest that people examine the data and draw their own conclusions wherever possible.”
Links to each wallet are available in the thread, and the advantage of blockchain is that the information is free to track.
The question now is whether or not these wallets are linked to Do Kwon and Jump Capital as alleged and whether FatManTerra’s unnamed sources will be made public to reveal more information.
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