Kwon, in a tweet, noted that there remains no evidence that the embattled FTX had any exposure to LUNA. He highlighted an instance where the exchange denied being exposed to the collapsed Terra assets. Do Kwon further mentioned that the now-defunct crypto hedge fund 3AC only had $109M worth of LUNA despite having a balance sheet worth billions of dollars, suggesting that their LUNA holding was incapable of affecting them in a manner that would lead to their downfall. Kwon also pointed out that 3AC had no UST holdings.

3AC, which had assets worth about $10B under management in March, revealed a $200M exposure to LUNA following the Terra fall. Reports speculated that this exposure was as high as $560M.