Key Takeaways:
- Terra Founder Do Kwon allegedly voted on his own proposal using his secret wallet
- Do Kwon had also airdropped himself 20 million LUNA2 tokens after its lanch
- The price of LUNA 2 continues to fall since hitting an all-time high
YEREVAN (CoinChapter.com) — Terra Founder Do Kwon received 20 million LUNA2 tokens during the airdrop following the crash of Terra (LUNA).
As Terra pseudonymous whistleblower FatMan alleged on Twitter, Do Kwon then used the wallet to vote on his proposal for Terra Station. By doing this, he has broken Terraform Labs (TFL) rules.
“They told you TFL doesn’t vote. They told you TFL didn’t get the drop. But you’ll notice that every tiny thing they do is to extract more money out of the ‘community’ through wordplay and manipulation,”
he alleged.
The 20 million Terra 2 tokens granted the holder 5% of the total voting power, huge leverage in the decision-making process.
Recommended: Do Kwon allegedly laundered $4.8M through Terraform Labs — Report
How did FatMan reveal, that Do Kwon received 20 million LUNA2?
Whistleblower FatMan also shared a screenshot of a Twitter thread from May 2022. In the picture, one can see him making direct inquiries from Do Kwon about the identity of the wallet’s owner.
However, the controversial Terra Founder refused to make the identity clear. He further claimed that the wallet belonged to the Token purchase agreement holder with TFL.
“I will draw the line at doxing wallets. Let’s try to stay above the witch hunt, shall we?”
he persisted.
Doxing refers to the act of making private or personal information about an individual or organization public, usually without their consent.
Meanwhile, FatMan didn’t have to look far to find proof for his allegations. It turns out Do Kwon had used the same wallet in question to submit voting proposals.
In particular, the Terra Founder had posted a proposal for the Columbus-5 mainnet upgrade in its governance forum Agora last August.
According to FatMan, this is Do Kwon’s verified alternate wallet.
Recommended: LUNA 2.0 down 85% since ATH. Terra Classic (LUNC) rallies
LUNA2 to face the same fate as its predecessor?
Following the crash of the original LUNA token (now Luna Classic- LUNC), Terraform Labs launched a new crypto, LUNA2.
While the token initially got a lot of traction, it soon lost appeal and began crashing amid the larger crypto market dump. Subsequent revelations about possible illegal activities and misappropriation of funds by Do Kwon made investors lose whatever little trust and optimism they had left.
As a result, the price of LUNA2 is on a continuous fall. After reaching an all-time high (ATH) of $19 on May 28, the token crashed to a lifetime low of $1.98 last week.
At the time of writing, it continues to be about 87% below its ATH, exchanging hands at $2.52 per token. This places LUNA on the same path as Luna Classic (LUNC). With nothing going right for Do Kwon or Terra, we could also see the perpetual demise of LUNA2 soon.
