Terra’s new LUNA2.0 token, which was worth $11.33 per unit on May 30th, has lost over 56% against the U.S. Dollar after climbing to that level seven days earlier. Many Terra-based decentralized financing (defi), projects are now moving to the Phoenix-1 blockchain amid the market performance. Fatman, a whistleblower, continues to accuse Terraform Labs and Do Kwon in manipulative tactics. He alleged that Do Kwon and Terraform Labs (TFL), are re-joining Terra’s defi ecosystem. Fatman claims that Kwon and TFL have shadow wallets containing 42 million new LUNA coins.
LUNA 2.0 Token Drops 56% since Last Week’s High Price. Terra Defi apps Joins the New Phoenix Blockchain. The price of Terra’s token , LUNA 2.0 token , was higher last week as it climbed to $11.33 per unit. LUNA has fallen 56.92% from its May 30, 2022 high. Today’s 24-hour price range statistics show that LUNA ranged from $4.84 to $5.46 per coins.
LUNA is ranked 2,806 among the more than 13,400+ cryptocurrencies currently in existence. It has also seen $380 million in global trading volume in the last 24 hours. On June 6, 2022, the top five trading pairs with LUNA were USDT (USD, EUR, USDC and ETH).
In spite of the poor market performance, found that many Terra defi apps which were once prominent apps are now preparing to join or have already joined the 2.0 system. This includes Terra defi applications like Valkerie Protocol and Leap Wallet.
Recently, the Terra Twitter page stated that Terra Bridge Version 2 has been released. “Users can transfer assets from Terra 2.0, Ethereum Osmosis Secret, Cosmos [and] Juno,” Do Kwon , co-founder of Terraform Labs, tweeted about Terraform Labs’ decentralized exchange (dex), Phoenix, and the staking derivative app Stader launching for Terra 2.0.
Terra Whistleblower Accuses Do Kwon, Terraform Labs of Owning Shadow Wallets
While Terra community members rebuild the destroyed blockchain ecosystem, Fatman continues his accusation of Terraform Labs’ manipulation. Fatman stated that Terraform Labs was alleged to have shadow wallets. This despite the fact that the team promised wallets such as the Luna Foundation Guard’s or TFL’s would be blacklisted in the LUNA 2.0 airdrop.
Fatman tweeted: “Do Kwon repeatedly stated that TFL has zero new LUNA coins, making Terra 2 community-owned’.” This is a complete lie, and nobody seems to be talking about it. TFL actually owns 42M of LUNA worth more than $200m and they are lying through their teeth.
Fatman also revealed five shadow wallets that he believes to be shadow wallets. These wallets include 1, 2, 3, 4 and 5 Terra-based addresses. Fatman claims that there are other wallets. The wallets contain 42.81 millions LUNA 2.0 tokens. Three of the five wallets moved LUNA, while the remaining two remained inactive.
“[Do Kwon] used the shadow wallet to approve his own proposal through governance manipulation (TFL are not supposed to vote), and then told everyone that it would be a community owned chain. He then claimed a nine-figure sum. These wallets are not the only ones that are verified – there are many more,” the whistleblower wrote.
Fatman, however, stated in another tweet that Terra 2.0 could be a community-owned cryptocurrency. Fatman believes that Terraform Labs (TFL), is blocking this idea from coming to fruition.
“Terra 2 might succeed as a truly community owned chain, but TFL seems determined to make sure this doesn’t happen,” Fatman stated. I hope things improve, but builders report that chat is chaotic and that there is much resentment towards Do Kwon.
