Two weeks after the Terra Luna and UST results, a whistleblower named “Fatman” published an alleged chat log between project co-founder Do Kwon, Terra validators and infrastructure providers of the Terra blockchain community. If the chat log is valid, Fatman claims the document proves more than 50 people “knew about it” [network] Stop before this happens. ,
“Terra Rebirth League” discussion
On June 1, 2022, a whistleblower named “Fatman” (@fatmanterra) published a chat log that reportedly shows a discussion about Terra’s blockchain halving before it happened. Bitcoin.com News has previously reported on Fatman, as Twitter accounts have accused Terraform Labs (TfL) and Do Kwon of a variety of sketchy acts. on Wednesday, Fatman Explained That an unnamed source provided whistleblowers a document that shows several members of the Terra community and Doo Kwon discussing a chain haul.
An anonymous source has provided me with missing pages from the internal validator chat. Link is in next tweet. Make no mistake – a chain halt was necessary – but it will be interesting to see if anyone here maps the larger LUNA that happened just before.
— Fatman (@FatManTerra) 1 June 2022
Bitcoin.com News reported the Terra blockchain’s block production halt on May 12, 2022. The network was halted at a block height of 7,603,700. The chat conversation was called the “Terra Rebirth League” and the beginning of the discussion shows Terra validators asking TfL for opinions. Throughout the chat, multiple people are added to the conversation by active chat room participants. In conversation, Terra co-founder Do Kwon reportedly says: “I think a halt makes sense. And validators can discuss how to restart the network.”
One of the reasons noted for halting the chain was because the network’s native token LUNA was being mined at an exponential rate. For example, on April 16, 2022, 359,024,672 Lunas were supplied, according to data saved by archive.org. The total supply on that day was 742,371,433 Luna and the maximum supply was 1,000,000,000. However, as of May 12, 2022, archived data shows that the supply reached 18,511,882,771 LUNA with a total supply of 19,407,034,276. Also, on that day max supply on coinecko.com displayed an infinity symbol.
The “Terra Rebirth League” discussion shows that the participants are well aware of LUNA’s being molded into the infinity. One person asks if all validators were present during the chain halt discussion. “So we agree to stop the chain?” a person asks. ,[Are] All validator reps here?” the person continued. One validator said he had already shut down his node and someone scolded him by saying: “Not so. Please restart it.” While more validator delegates were added to the discussion, there is a lot of confusion and debate going on.
“Can someone tell me what’s the use of stopping the chain?” asked a person in the chat room. “Hello everyone, what are we doing here?” Another person asked.
Confusion Grips Terra Validators and Active Network Participants
TFL co-founder Do Kwon isn’t very active during conversations, but is seen adding specific Terra community members to chat rooms and making some comments here and there. Some individuals had shown concern for the Terra community. “I guess it makes sense to stop,” Do Kwon says in the 11:00am section of the chat log. At some point, someone says they need to get TfL’s opinion and at 11:05 a.m. a person said: “TfL is not making any statements. They want to reduce all further liabilities.” Also , when asked about the presence of all validator delegates, one person revealed that only the top five validators are needed to stop the chain. One participant writes:
We need the top five to stop. Comfort doesn’t really matter.
The person also left a screenshot of the top five validators at the time Terra Blockchain participants were scrambling for escape routes. According to one person in the chat log, all the top five validators were present during the “Terra Rebirth League” discussion. During the conversation people discussed at which block height would be the best time to stop the block production. The ostensible chat log published by Fatman shows that Du Kwon is a bit more proactive by trying to figure out what time the series will stop, and whether a patch will be ready. At 11:27 am, Kwon writes:
Has the series stopped?
When he asked the question, the series was still not closed and some discussion was still active according to the participants. When asked why the chain was being halted, Kwon bluntly stated that “the cost of attacking a network stake is very low.” Kwon is also being asked to merge some of the code into the Terra codebase at 11:40 am. A person asks if blockchain snapshots are also being taken. Furthermore, Bitcoin.com News reported on May 31 how the Terra development team recently explained to some Tera token holders that they “received less LUNA than expected.”
According to a verified TfL insider, the entire core team working at Anchor, including the creators of the Anchor whitepaper, left TfL prior to Anchor’s release, because of Dou’s firm decision to raise a volatile 20% interest rate. was forced to surrender, which he knew could result in a collapse.
— Fatman (@FatManTerra) 2 June 2022
Six Trillion, Nine Hundred and Seven Billion Luna Classic Tokens
Today, the new LUNA 2.0 token is being exchanged on exchanges and the old coin is now called Luna Classic (LUNC). At the time of writing, LUNC tokens are well below a US penny at $0.00009820 per unit. However, the coin still has a market valuation of $794 million and $271 million in 24-hour global trading volume. However, the circulating supply of LUNC is unknown and the total supply is 6,907,072,876,045. This means that since April 16, 2022, the total supply of LUNC has expanded by 930,306% in about 45 days. The total supply of LUNC increased by 35,490% even after the chain halving on May 12.
What do you think of the alleged “Terra Rebirth League” chat log discussion? Let us know what you think about this topic in the comment section below.
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