After hitting $11.33 seven days ago on May 30, Terra’s new LUNA 2.0 token has lost over 56% of its value.
A number of legacy Terra-based decentralized finance (defi) projects are transitioning to the newer Phoenix-1 blockchain. In addition to the defi projects that reintegrate the Terra ecosystem, the whistleblower known as @Fatman continues to accuse Terraform Labs (TFL) and Do Kwon of manipulative tacticssuch as lying about community ownership of LUNA 2.0. Fatman claims that Kwon and TFL have access to shadow wallets containing 42 million new LUNA tokens.
LUNA 2.0 token is down 56% since peaking last week, Terra Defi apps join new Phoenix blockchain.
Last week, the price of Terra’s LUNA 2.0 token was in better shape as its value reached $11.33 per unit last Monday. Since then, however, LUNA has lost 56.92% since peaking on May 30, 2022.
Out of over 13,400 cryptocurrencies in existence today, LUNA’s market capitalization is ranked 2,806 and it has seen $380 million in global trading volume in the last 24 hours.. The top five most traded pairs with LUNA on June 6, 2022 include USDT, USD, EUR, USDC, and ETH respectively.
Joining the list of projects that have expressed their interest in building on #Terra 2.0.
Coinhall will continue building and sticking alongside the community 🤝🌘 pic.twitter.com/7i5iPx9pDG
— Coinhall 🌕 📈 🔄 (@coinhall_org) June 2, 2022
A number of challenge applications that were once very important applications on Terra are preparing to join or have already joined the new 2.0 system. This includes Terra defi apps like Valkerie Protocol, Leap Wallet and Astroport.
With V2, users can transfer assets to & from Terra 2.0, Ethereum, Osmosis, Secret, Cosmos, & Juno ↔️https://t.co/iOK7YyISjz
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) June 3, 2022
Terra’s Twitter page recently explained that version 2 of Terra Bridge is now live and only with the latest version“users can transfer assets to [et depuis] Terra 2.0, Ethereum, Osmosis, Secret, Cosmos, [et] Juno.Terraform Labs co-founder Do Kwon announced on Twitter the launch of the decentralized exchange (dex) Phoenix and the Stader staking derivative application on Terra 2.0.
Terra whistleblower accuses Do Kwon and Terraform Labs of holding shadow wallets.
As members of the Terra community rebuild the destroyed blockchain ecosystem, @Fatman continues to accuse Terraform Labs and Do Kwon of manipulation. On June 6, Fatman said that Terraform Labs and Do Kwon would have shadow wallets, although the team promised that specific wallets, like those from the Luna Foundation Guard and TFL, would be blacklisted during the test. LUNA 2.0 airdrop.
Do Kwon has repeatedly stated that TFL has no new LUNA tokens, making Terra 2 “community owned,” tweeted Fatman. “It’s an outright lie that no one seems to be talking about. In fact, TFL owns 42M of LUNA, worth over $200 million, and they’re lying like tooth-pullers.”
Do 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. (3/6)
— FatMan (@FatManTerra) June 6, 2022
Fatman also disclosed five wallets he suspects are shadow wallets that include addresses based on 1, 2, 3, 4, and 5 Terra. These five wallets hold 42.81 million LUNA 2.0 tokens and Fatman claims that there are many other wallets. Three of the five wallets moved LUNA while the other two remained inactive.
“Do Kwon]used his shadow wallet to endorse *his own proposal* through governance manipulation (TFL isn’t supposed to vote), told everyone it would be a community-owned channel, then gave himself a nine-figure score. These are just the verified wallets – there are many more“, wrote the whistleblower.
However, in another Twitter thread, Fatman explained that there is a possibility of Terra 2.0 becoming a community blockchain. But Fatman wholeheartedly believes that Terraform Labs (TFL) is not letting this concept come to fruition.
Terra 2 may succeed as a truly community-owned chain, but it appears TFL is hell-bent on making sure this doesn’t happen. 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. (16/17)
— FatMan (@FatManTerra) June 4, 2022
“Terra 2 could succeed as a truly community channel, but it looks like TFL is determined to make sure that doesn’t happen“, said Fatman. “I hope things will change, but multiple builders are reporting that the chat is in disarray and there is a lot of pent up resentment towards [Do Kwon].“
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