The post Do-Kwon Maybe The 3rd Largest LUNA 2.0 Whale, Is Terra 2.0 a Community-Driven Chain or a Hidden Centralised Platform? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide
Do-Kwon, the founder of TerraClassic and the new Terra Chain is suspected to keep many facts hidden related to the LUNC-USTC crisis and the birth of LUNA. The founder, after the sudden collapse of the TerraClassic chain, proposed to roll out a new chain called Terra. This proposal, despite a huge opposition within the community, was passed with more than 70% votes. And hence raised speculations about the platform being controlled by an entity or individual.
However, carrying out further investigation and closely observing the statements given by the platform and the founder, dots remained unjoined as the moves were pretty unclear. The founder in a statement clearly stated that Terra 2.0 will be complete community-driven, but is speculated to keep a large amount of LUNA in his wallet, probably to carry out huge authority during the voting process.
Therefore, the time has now come, when the traders are required to know the actual 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 had been voting Yes to all the previous proposals.
Moreover, this wallet was funded with 20 million LUNC 2 years ago from the official Terra wallet. When Do-Kwon was asked to reveal the details of the wallet, he opted to remain silent by just telling its ‘token purchase agreement holder with TFL. This raised many eyebrows and assumptions of the wallet could be himself, using it for voting for 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 air-drop. This means nor Do-Kwon nor any person belonging to TFL would receive an airdrop. But the recently held voting process clearly states a wallet holding a huge volume of LUNA which was previously seen as mentioned above. And hence the suspect of the wallet receiving the airdrop raises.
Redelegation to Specific Validators
Somewhere in June 2022, Do-Kwon redelegated most of his vested LUNA which was automatically distributed among the genesis validators. The revival plan also had a section that suggested bigger 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
Collectively there is still a lack of clarity and transparency when it comes to the LUNS 2.0 airdrop and holdings. These play a major role as they hold huge 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.
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