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

After climbing to $11.33 per unit seven days ago on May 30, Terra’s new LUNA 2.0 token has lost more than 56% in value against the U.S. dollar. Many Terra-based, decentralized finance (defi), projects have begun to migrate over to the Phoenix-1 blockchain amid the poor market performance. Fatman (the whistleblower) continues to charge Terraform Labs, Do Kwon and Terraform Labs (TFL), with manipulative tactics. He allegedly lies about making LUNA2.0 community-owned. Fatman claims that Kwon, TFL and Do Kwon have access to shadow wallets containing 42 million new LUNA coins.

LUNA 2.0 Token Sheds 56% Since Last Week’s Price High, Terra Defi Apps Join the New Phoenix Blockchain

Last week, the price of Terra’s LUNA 2.0 token was in better standings as the value crept up to $11.33 per unit last Monday. LUNA’s value has dropped 56.92% in the past year, compared to its peak on May 30, 2022. Today’s 24-hour price range statistics show that LUNA ranges between $4.84 and $5.46 per coin.

Out of more than 13,400+ cryptocurrencies in existence today, LUNA’s market capitalization is ranked 2,806 and it has seen $380 million in global trade volume during the last 24 hours. On June 6, 2022 the top five trading pairs for LUNA were USDT, USDC and EUR.

The market’s performance in the week just past is a mixed bag. a number of defi applicationsTerra apps that used to be very popular are now in the process of joining or rejoining the 2.0 system. TerraDefi Apps like Valkerie Protocol, Leap WalletAnd Astroport.

Recent updates from Terra on Twitter explained that the Terra Bridge Version 2 is now live and with the latest version, “users can transfer assets to [and]Terra 2.0, Ethereum. Osmosis. Secret. Cosmos. [and] Juno.” The Terraform Labs co-founder Do Kwon tweetedInformation about decentralized exchange Phoenix (dex) and the staking derivative Stader launching on Terra 2.0.

Terra Whistleblower Accuses Do Kwon, Terraform Labs Of Owning Shadow Wallets

Terra community members work to rebuild the destroyed blockchain ecosystem. The whistleblower is left in charge. FatmanContinues to accuse Terraform Labs of manipulating Do Kwon and Terraform Labs. On June 6, Fatman said that Terraform Labs and Do Kwon allegedly have shadow wallets, even though the team promised specific wallets like the Luna Foundation Guard’s and TFL’s wallet would be blacklisted from the LUNA 2.0 airdrop.

“Do Kwon has stated numerous times that TFL has zero new LUNA tokens, making Terra 2 ‘community-owned,’” Fatman tweeted. “This is an outright lie that nobody seems to be talking about. In fact, TFL owns 42M LUNA, worth over $200m, and they’re lying through their teeth.”

Fatman revealed five shadow wallets that he believes are shadow wallets. These wallets include Terra-based addresses and 1, 2, 3, 4 and 5 Terra-based addresses. Fatman asserts that there are other wallets. The wallets that have moved LUNA have three of them, while two others remain inactive.

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

However, in another Twitter thread, Fatman detailed that there’s a possibility Terra 2.0 could become a community-owned blockchain. Fatman believes that Terraform Labs, (TFL), is keeping this idea from becoming a reality.

“Terra 2 may succeed as a truly community-owned chain, but it appears TFL is hell-bent on making sure this doesn’t happen,” Fatman said. “I hope things change, but multiple builders are reporting that the chat is in complete disarray and there is a lot of pent-up resentment towards [Do Kwon].”

What do you think about LUNA’s market performance this week and the accusations tied to Do Kwon, TFL and alleged shadow wallets? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman is an active participant in the cryptocurrency community from 2011. Since 2011, Redman has been an active member of the cryptocurrency community. Redman has contributed more than 5,000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.