Terra’s new LUNA 2.0 token has lost over 56% in value against the US Dollar, after climbing to $11.33 per unit seven days ago on May 30. Amid the market performance, several former Terra-based decentralized finance (DeFi) projects are transitioning to the new Phoenix-1 blockchain. In addition to the DeFi projects re-joining the Terra ecosystem, the whistleblower known as Fatman accuses TerraForm Labs (TfL) and Do Kwon of tampering tactics, such as alleged manipulation of the ownership of the LUNA 2.0 community. To lie Fatman alleges that Kwon and TFL have access to the Shadow Wallet with 42 million new LUNA tokens.
LUNA 2.0 Token Drops 56% Since Last Week’s High, Terra DeFi App Joins New Phoenix Blockchain
Last week, Terra’s LUNA 2.0 token was in a better position as the price rose to $11.33 per unit last Monday. Since then, however, LUNA is down 56.92% from its May 30, 2022 high. Today, data on the 24-hour price range shows that LUNA ranges from $4.84 to $5.46 per coin.
Out of over 13,400+ cryptocurrencies in existence today, Luna is ranked 2,806 by market capitalization and has seen $380 million in global trade volume during the past 24 hours. The top five trading pairs with LUNA as of June 6, 2022 include USDT, USD, EUR, USDC and ETH respectively.
Amidst the performance of the market during the last week, A number of DeFi applications What were once very prominent apps on Terra are preparing to rejoin or are already included in the new 2.0 system. This includes Terra DeFi apps like Valkyrie Protocol, Leap WalletAnd Astroport,
tera twitter page recently Explained Terra Bridge version 2 is now live and with the latest version, “users can transfer assets [and] From Terra 2.0, Ethereum, Osmosis, Secret, Cosmos, [and] Juno.” Do Kwon, co-founder of TerraForm Labs tweeted About decentralized exchange (DX) Phoenix and staking derivatives application Stdr launch On Terra 2.0.
Terra whistleblower accuses Kwon and TerraForm Labs of owning Shadow Wallets
While members of the Terra community rebuild the forgotten blockchain ecosystem, whistleblowers fat man Terraform continues to accuse Labs and Doo Kwon of manipulation. On June 6, Fatman stated that Terraform Labs and Dou Kwon reportedly owned Shadow wallets, even though the team had said specific wallets such as Luna Foundation Guards and TfL’s Wallet would be blacklisted from the Luna 2.0 airdrop.
“Do Kwon has stated several times that TFL has zero new LUNA tokens, making Terra 2 ‘community-owned’,” Fatman tweeted, “It is an outright lie that no one is talking about. In fact, TFL owns 42M LUNAs, which are worth over $200m, and they are lying through their teeth.
Fatman also revealed five wallets that he suspects are shadow wallets containing 1, 2, 3, 4 and 5 Terra-based addresses. The five wallets hold 42.81 million LUNA 2.0 tokens and Fatman claims there are many more wallets. Three of the five wallets have been transferred to LUNA while the other two have remained inactive.
,[Do Kwon] Used his shadow wallet to approve *his own proposal* through governance manipulation (TfL shouldn’t vote), told everyone it would be a community owned chain, and then called himself nine Points given. These are just verified wallets – there are many others,” whistleblower wrote,
However, in another Twitter thread, Fatman elaborated that Terra 2.0 could become a community-owned blockchain. But Fatman whole-heartedly believes that Terraform Labs (TfL) is not allowing this concept to materialize.
“Terra 2 may indeed succeed as a community-owned series, but it appears TfL is intent on making sure that doesn’t happen,” Fatman Told, “I am hopeful that things will change, but many builders are reporting that the chat is completely frayed and there is a lot of resentment towards [Do Kwon],
What do you think about LUNA’s market performance this week and allegations related to Do Kwon, TFL and the alleged Shadow Wallet? Let us know what you think about this topic in the comment section below.
image credit: Shutterstock, Pixabay, WikiCommons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation or recommendation or endorsement of an offer to buy or sell any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.
