Do-Kwon, the founder of TerraClassic and the new Terra Chain, is suspected of hiding many facts related to the LUNC-USTC crisis and the birth of LUNA. After the sudden collapse of the TerraClassic chain, the founder proposed to roll out a new chain called Terra. Despite a massive opposition within the community, this proposal was passed with more than 70% votes which raised speculations about the platform being controlled by an entity or individual.
However, upon further investigation and closely observing the statements the platform and the founder gave, dots remained disconnected as the moves were unclear. The founder, in a statement, clearly stated that Terra 2.0 will be wholly community-driven but is speculated to keep a large amount of LUNA in his wallet, probably to carry out colossal authority during the voting process.
Therefore, the time has now come when traders are required to know the facts before and after the collapse of the TerraClassic chain.
3 Pointer that Indicate Do-Kwon Was Always Lying
Do-Kwon-The 3rd Largest Whale
Do-Kwon, somewhere in August 2021, had submitted a proposal called ‘119’, which was later open for voting. Interestingly, the wallet used to submit the proposal was terra1wqwfwh797tf77e2xpvy9xx082pwpxxlm9x4xws, which holds nearly 2% of the entire supply comes to 19.7 million LUNA. These wallet holders had 5% of the voting power and just voted ‘YES’ and also voted Yes to all the previous proposals.
Moreover, this wallet was funded with 20 million LUNC 2 years ago from the official Terra wallet. However, when Do-Kwon was asked to reveal the wallet’s details, he remained silent by just commenting that it’s a ‘token purchase agreement holder with TFL”. This raised many eyebrows and assumptions that the wallet could belong to Kwon himself and that it was used for voting in favour of his own proposals.
Founder Lying About the Air-Drop
While rolling out the framework and the blueprint of the about-to-launch Terra 2.0 then, Do-Kwon had said the team would remain out of the airdrop. This means nor Do-Kwon nor any person belonging to TFL would receive an airdrop. However, the recently held voting process clearly states a wallet holding a considerable volume of LUNA, previously seen as mentioned above. Hence the suspicion of the wallet receiving the airdrop arises.
Redelegation to Specific Validators
In June 2022, Do-Kwon redelegated most of his vested LUNA, automatically distributed among the genesis validators. The revival plan also had a section that suggested more significant allocations of the emergency funds. They are as follows,
- Coinhall – 5 million LUNA
- SCV Security – 4.7 million LUNA
- Setten – 3 million LUNA
- Terran One – 1 million LUNA
- Flipside – 1 million LUNA
- SmartStake – 1 million LUNA
There is still a lack of clarity and transparency regarding the LUNA 2.0 airdrop and holdings. However, these play a significant role as they hold colossal voting power, which could pass any proposal in the coming days. Therefore, considering the facts, it may be said that after Binance and a pre-seed investor, Do-Kwon may be the 3rd largest LUNA whale holding 2% of the entire circulation supply.