After rising to $11.33 per unit seven days ago on May 30, Terra’s new LUNA 2.0 token has lost over 56% of its value against the US dollar. Amidst this market performance, many of the former Terra-based decentralized finance (defi) projects have migrated to the new Phoenix-1 blockchain; in addition to the defi projects rejoining the Terra ecosystem, an internal known as the Fatman The accuser continues to accuse Terraform Labs (TFL) and Do Kwon of manipulative tactics, including claiming that they are lying about community ownership of LUNA 2.0 Fatman claims that Kwon and TFL have 42 million new LUNA tokens They claim to have access to shadow wallets.
LUNA 2.0 tokens shed 56% from last week’s price high, Terra Defi Apps joins new Phoenix blockchain
Last week, Terra’sprice.The price of LUNA 2.0 tokenswas in better shape, rising to $11.33 per unit last Monday. Since then, however, LUNA has fallen 56.92% from its May 30, 2022 high. Today, 24-hour price statistics show LUNA hovering between $4.84 and $5.46 per coin.
Out of the more than 13,400 cryptocurrencies in existence today, LUNA ranks 2,806th in market capitalization, with $380 million in global trading volume over the past 24 hours. the top five trading pairs with LUNA on June 6, 2022 includeUSDTUSD, EUR , USDC, and; ETH
In last week’s market performance,many defi appsthat were once very prominent apps in Terra are preparing to rejoin the new 2.0 system or have already done so. This includes Terra defi apps likeValkerie Protocol {31 , Leap Walletand other Terra Defi apps such as. Astroport
Terra’s Twitter page recentlyexplainedthat Terrabridge version 2 is now live and with the latest version “users can transfer assets to Terra 2.0, Ethereum, Osmosis, Secret, Cosmos, [and] Juno.”; Terraform Labs co-founder Do Kwontweetedabout the decentralized exchange (dex) Phoenix and the staking-derived application Staderlaunchingon Terra 2.0.
Terra whistleblower accuses Do Kwon and Terraform Labs of owning a shadow wallet
While members of the Terra community rebuild the defunct blockchain ecosystem, whistleblowerFatmancontinues to accuse Terraform Labs and Do Kwon of manipulation; on June 6, Fatman announced that the team that Terraform Labs and Do Kwon allegedly have shadow wallets, despite promises to blacklist certain wallets, such as Luna Foundation Guard’s and TFL’s wallets, from the LUNA 2.0 airdrop. stated.
“Do Kwon has stated many times that TFL will zero out the new LUNA tokens and make Terra 2 ‘community owned’.” Fatman tweeted” This is a complete lie that no one seems to be talking about. In fact, TFL owns 42M LUNA, worth over $200M, and they are lying through their teeth.”
Fatman also disclosed 5 wallets that he suspects are shadow wallets. , 2, 3, 4and
5 Terra-based addresses. These five wallets hold 42.81 million LUNA 2.0 tokens, and Fatman claims that many more exist; three of the five wallets move LUNA, while the other two remain inactive.
“[Do Kwon] used his shadow wallet to approve *his proposal* through a governance operation (TFL is not supposed to vote), told everyone it would be a community-owned chain, and gave himself a nine-digit score. These are just verified wallets, there are many more,” the whistleblowerwrote
However, in another Twitter thread, Fatman elaborated that Terra 2.0 could become a community-owned blockchain. However, Fatman sincerely believes that Terraform Labs (TFL) will not let this concept happen.
“Terra 2 may succeed as a truly community-owned chain, but TFL seems hell-bent on making sure this does not happen.” Fatman said” I hope things will change, but several builders have reported that the chat is a complete mess and there is a lot of pent up resentment in [Do Kwon].”
What do you think about LUNA’s market performance this week and the accusations tied to Do Kwon, TFL, and the shadow wallet allegations? Let us know what you think about this subject in the comments section below.
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