Karak denies Terra Classic community accusation that it stole 200 million USTC.
2024-04-29 12:34:21
Members of the Terra Classic community have accused Andalusia Labs, the company behind Karak, of stealing 200 million USTC tokens (worth about $7 million at the time) from the Terra ecosystem a few months after the Terra ecosystem collapsed in 2022. Terra Classic voted to return funds used to insure UST through Ozone, recovering 800 million of the USTCs controlled by the Terra community's multi-signature wallet. However, Karak denied stealing the tokens and responded that the tokens were "granted" by the Terra Foundation, did not involve user funds, and did not acknowledge the proposal to return them. Andalusia Labs, the parent company behind Karak, completed a $48 million financing round last December at a valuation of more than $1 billion.
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