Table of Contents Hide
Two weeks after the Terra LUNA and UST debacle, a whistleblower known as “Fatman” allegedly released chat logs between project co-founder Do Kwon, Terra verifier, Terra blockchain The chat logs between the project’s co-founder Do Kwon, Terra verifiers, and Terra community infrastructure providers were allegedly made public. If the chat logs are legitimate, Fatman claims the documents prove that more than 50 people “knew about the [network] outage before it happened.”
Discussion of the “Terra Regeneration Alliance”
On June 1, 2022, a whistleblower named “Fatman” (@fatmanterra) published chat logs allegedly showing discussions about Terra’s blockchain outage in advance Bitcoin.com News previously reported reported on Fatman that the Twitter account accused Terraform Labs (TFL) and Do Kwon of a number of sketchy practices. On Wednesday, Fatman explained that an anonymous source provided the whistleblower with documents indicating that many Terra community members and Do Kwon were discussing the chain shutdown
An anonymous source provided us with the missing page from the internal verifier chat. The link is in the following tweet No doubt – the chain stop was necessary – but it would be interesting if any of this maps to the big LUNA shopping that happened just before.
– FatMan (@FatManTerra) June 1, 2022
Bitcoin.com News reported that the Terra blockchain stopped generating blocks on May 12, 2022. The network was shut down with a block height of 7,603,700. The chat conversation is called “Terra Rebirth League,” and the beginning of the discussion shows the Terra validator asking TFL for input. Throughout the chat, a number of people are joined in the conversation by active chat room participants. During the conversation, Do Kwon, co-founder of Terra, is reported to have said, “I think the shutdown makes sense. And verifiers can discuss how to restart the network.”
It was noted that one of the reasons for stopping the chain was that LUNA, the network’s native token, was being minted at an exponential rate. For example, on April 16, 2022, according todata stored by archive.org, there was a circulating supply of 359,024,672 LUNA. The total supply for that day was 742,371,433 LUNA, with a maximum supply of 1,000,000,000. However, by May 12, 2022, according toarchived data, the supply jumped to 18,511,882,771 LUNA, bringing the total supply to 19,407,034,276. Moreover, the maximum supply on coingecko.com that day showed an infinity symbol.
The “Terra Reverse League” discussion shows that participants are well aware that LUNA is infinitely minted. One individual asks if all verifiers were present during the discussion of stopping the chain. ‘Did they all agree to stop the chain?’ “Are all the validator representatives here?” the individual continued. One validator said that he had already stopped the node, but someone scolded him.” This is not the way to do it. Please restart it.” While more validator representatives joined the discussion, there was still a lot of confusion and debate going on.
“Can someone tldr me what the advantage of halting the chain is?” the chat room person asked.” Hello everyone, what are we doing here?” another individual asked.
Confusion Strikes Terra Validator and Active Network Participants
Do Kwon, co-founder of TFL, is not very active in the conversation, but he has been trying to get certain Terra community members to added to the chat room and can be seen commenting here and there. Some individuals have expressed concern about the Terra community.” I think the shutdown makes sense,” Do Kwon says in the 11:00 portion of the chat log. At one point, someone said that TFL needed to be heard, and at 11:05 an individual said. ‘TFL has not said anything. They want to minimize any further liability.” He said. When one person further asked about the need for all validator representatives to be present, one individual clarified that only the top five validators are needed to stop the chain. One participant wrote:
You need the top 5 to stop it. The rest do not really matter.
This person also left a screenshot of the top five validators as Terra blockchain participants scrambled for an escape route. According to one person in the chat log, the top five validators were all participating during the “Terra Rebirth League” discussion. During the conversation, people discussed which block height was the best time to stop block production; the ostensible chat logs published by Fatman show Do Kwon being a bit more proactive in figuring out what time the chain would stop, when the patch would be ready, etc. It can be seen that At the 11:27 AM mark, Kwon writes:
Is the chain stopped?
When he asked the question, according to some of the participants in the discussion, the chain had not stopped and was still active. When asked why the chain was stopped, Kwon ostensibly detailed that “the cost of attacking the network stakes is too low. “Kwon was also asked to merge some code into Terra’s codebase as of 11:40 AM. One person asked if a snapshot of the blockchain was also taken. In addition, Bitcoin.com News reported on May 31 how the Terra development team recently explained that some Terra token holders “received less LUNA from the airdrop than expected.”
According to verified TFL insiders, the entire core team that was working on Anchor, including the authors of the Anchor white paper, knew it might bring about a collapse because of Do’s firm decision to enforce an unsustainable 20% interest rate. They quit TFL before Anchor’s release.
– Fatman (@FatManTerra) is June 2, 2022
6 trillion 900.7 billion Luna Classic tokens
Today, new LUNA 2.0 tokens were exchanged on the exchange and old coins are now luna classic (LUNC). At the time of this writing, LUNC tokens are valued at $0.00009820 per unit, well below the US penny. However, the coin itself remains high, with a market valuation of $794 million and global 24-hour trading volume of $271 million. However, the amount of LUNCs in circulation is unknown, and the total supply is a whopping 6,907,072,876,045, meaning that since April 16, 2022, the total supply of LUNCs has expanded by 930,306% in roughly 45 days. even after the chain was shut down on May 12. total supply expanded by 35,490%.
Image credit: Shutterstock, Pixabay, Wiki Commons