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LUNA 2.0 Token loses 56% in the last 7 days Insiders Accuses Terraform

07-Jun-2022 By: Shikha Jha
LUNA 2.0 Token loses

LUNA 2.0 Token loses 56% in the last 7 days,

Insiders Accuses Terraform Labs of Owning Ghost Wallets

LUNA 2.0 token has dropped more than 57% of its value versus the US dollar from peaking at $11.33 per unit seven days ago on May 30. A number of previous Terra-based decentralized finance (defi) projects are migrating to the new Phoenix-1 blockchain, notwithstanding the market's performance. In addition to the defi projects rejoining the Terra ecosystem, Fatman, a whistleblower, continues to criticize Terraform Labs (TFL) and Do Kwon for deception, including lying about creating LUNA 2.0 community-owned. Kwon and TFL, according to Fatman, have access to shadow wallets containing 42 million additional LUNA tokens.

The price of Terra's LUNA 2.0 token improved last week, with the value creeping up to $11.33 per unit. LUNA, on the other hand, has dropped 56.92 percent from its peak on May 30, 2022. Today, the price of LUNA has fluctuated between $4.23 and $5.41 per coin, according to 24-hour price range information.

LUNA's market capitalization is ranked 2,806 out of over 13,400 cryptocurrencies in existence today, with $380 million in worldwide transaction volume in the previous 24 hours. On June 6, 2022, the top five trading pairs with LUNA are USDT, USD, EUR, USDC, and ETH, in that order.

A number of defi applications that were once highly dominant on Terra are preparing to re-join or have already joined the new 2.0 system, notwithstanding the market's performance over the last week. Valkerie Protocol, Leap Wallet, and Astroport are examples of Terra defi applications.

The Terra Bridge Version 2 is now online, according to the Terra Twitter page, and "users may exchange assets to [and] from Terra 2.0, Ethereum, Osmosis, Secret, Cosmos, [and] Juno" with the current version. Do Kwon, co-founder of Terraform Labs, announced the debut of the decentralized exchange (dex) Phoenix and the mounting derivative application Stader on Terra 2.0 through Twitter.

Do Kwon and Terraform Labs are accused of owning Ghost Wallets by a Terra whistleblower

Fatman, the whistleblower, continues to accuse Terraform Labs and Do Kwon of deception as Terra community members reconstruct the shattered blockchain ecosystem. Even though the team guaranteed that certain wallets like the Luna Foundation Guard's and TFL's wallets will be blocked from the LUNA 2.0 airdrop, Fatman said that Terraform Labs and Do Kwon supposedly have ghost wallets.

Fatman tweeted, "do kwon has said many times that TFL has zero new LUNA tokens, rendering Terra 2 'community-owned.'" "This is a complete fabrication about which no one appears to be aware. TFL, in reality, controls 42 million LUNA, valued at over $200 million, and they're lying through their teeth."

Fatman also revealed five wallets that he believes are ghost wallets. There are 42.81 million LUNA 2.0 tokens in the five wallets, and Fatman believes there are many more. Three of the five wallets have relocated LUNA, with the remaining two remaining dormant.

Fatman stated in another Twitter thread that Terra 2.0 may become a community-owned blockchain. Fatman, on the other hand, is convinced that Terraform Labs (TFL) will not allow this notion to become a reality.

"Terra 2 may prosper as a truly community-owned chain," Fatman added, "but it looks TFL is hell-bent on preventing this." "I hope things improve, but numerous builders are saying that the discussion is in shambles and that there is a lot of hatred toward [Do Kwon]."

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