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LUNA 2.0 Token Loses 56% Since Last Week, Whistleblower Accuses Terraform Labs of Owning Shadow Wallets

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After rising to $11.33 per unit seven days ago on May 30, the new Terra LUNA 2.0 token lost over 56% of its value against the US dollar. Against the backdrop of market dynamics, a number of former decentralized finance (defi) projects based on Terra are moving to the new Phoenix-1 blockchain. In addition to the defi projects re-joining the Terra ecosystem, the whistleblower known as Fatman continues to accuse Terraform Labs (TFL) and Do Kwon of manipulative tactics such as allegedly lying that LUNA 2.0 belongs to the community. Fatman claims that Kwon and TFL have access to shadow wallets containing 42 million new LUNA tokens.

LUNA 2.0 Token Lost 56% From Last Week’s High Price, Terra Defi Apps Join New Phoenix Blockchain

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Terra’s price last week LUNA 2.0 token was in a better position as the price jumped to $11.33 a unit last Monday. However, LUNA has since dropped 56.92% from its high on May 30, 2022. Today, 24 hour price range statistics show LUNA hovering between $4.84 and $5.46 per coin.

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Out of over 13,400+ cryptocurrencies in existence today, LUNA’s market cap is ranked 2806th, with a global trade volume of $380 million in the last 24 hours. The top five trading pairs with LUNA as of June 6, 2022 are USDTUS dollars, euros, US dollars and Ethereum respectively.

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Against the backdrop of market dynamics over the past week a number of applications defi which were once very prominent applications on Terra, are preparing to re-join or have already joined the new 2.0 system. This includes Terra defi apps such as Valquerie Protocol, Jumping Walletas well as Astroport.

Recently Terra’s Twitter page explained that Terra Bridge version 2 is now working, and with the latest version “users can transfer assets to [and] from Terra 2.0, Ethereum, Osmosis, Secret, Cosmos, [and] Juno. Terraform Labs co-founder Do Kwon tweeted about the Phoenix decentralized exchange (dex) and the Stader betting derivative app launch on Terra 2.0.

Terra whistleblower accuses Do Kwon and Terraform Labs of owning shady wallets

As members of the Terra community rebuild the destroyed blockchain ecosystem, a whistleblower fat man continues to accuse Terraform Labs and Do Kwon of manipulation. On June 6, Fatman claimed that Terraform Labs and Do Kwon supposedly have shadow wallets, although the team promised that certain wallets, such as the Luna Foundation Guard wallet and TFL, would be blacklisted from the LUNA 2.0 giveaway.

“Do Kwon has stated many times that TFL does not have new LUNA tokens, which makes Terra 2 “public property,” Fatman said. tweeted. “This is an outright lie that no one seems to be talking about. In fact, TFL owns 42 million LUNA worth over $200 million and they are lying through their teeth.”

Fatman also revealed five wallets that he suspects are shady. one, 2, 3, fouras well as 5 Addresses based on Terra. The five wallets hold 42.81 million LUNA 2.0 tokens, and Fatman claims there are many more wallets. Three of the five wallets were moved to LUNA, while the other two remained inactive.

“[Do Kwon] used his shadow wallet to approve *his own proposal* through manipulation of governance (TFL should not vote), told everyone it would be a community-owned network, then gave himself a nine-figure score. These are only verified wallets – there are many others, ”the whistleblower. wrote.

However, in another Twitter thread, Fatman detailed that there is a possibility that Terra 2.0 could become a community-owned blockchain. But Fatman sincerely believes that Terraform Labs (TFL) will not allow this concept to materialize.

“Terra 2 may succeed as a community-owned network, but it looks like TFL is working hard to make sure that doesn’t happen.” – Fatman said. “Hopefully something will change, but several builders report that the chat is a total mess and there is a lot of pent-up resentment at [Do Kwon]”.

What do you think of LUNA’s market performance this week and the accusations surrounding Do Kwon, TFL and alleged shady wallets? Let us know what you think about it in the comments section below.

Denial of responsibilityA: This article is for informational purposes only. This is not a direct offer or solicitation to buy or sell, nor is it a recommendation or endorsement of any products, services or companies. does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly liable for any damage or loss caused or alleged to be caused by the use of or reliance on any content, goods or services mentioned in this article.

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