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HomeCrypto NewsMarketDo Kwon And TerraForm Labs Hold 42 Million Terra 2.0 (LUNA) Despite Claiming Not Holding Any Coins

Do Kwon And TerraForm Labs Hold 42 Million Terra 2.0 (LUNA) Despite Claiming Not Holding Any Coins


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Do Kwon’s troubles double up as expose links him and TerraForm Labs (TFL) to multiple shadow wallets with 42 million LUNA.

Do Kwon’s troubles with the Terra community don’t seem to be ending any time soon. There’s a new allegation made against the Terra founder every other day. One guy named FatMan on Twitter has dedicated his time and resources to digging up as many skeletons as possible about Do Kwon and Terraform Labs.

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In his latest expose in a Twitter thread, FatMan accuses Kwon and TFL of duping the community and lying about their LUNA holdings.

“Do Kwon has stated numerous times that TFL has zero new LUNA tokens, making Terra 2 ‘community owned’. This is an outright lie that nobody seems to be talking about. In fact, TFL owns 42M LUNA, worth over $200m.”

While Terra In their Official Tweet on May 25th Wrote: “The removal of the wallets from the airdrop whitelist will make Terra a fully community-owned chain.”

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He shared a screenshot of the tweet earlier sent out by Terra assuring the community that wallets associated with TFL and LFG would be excluded from the LUNA airdrop whitelist when Terra 2.0 launched. Apparently, this decision was made to “make Terra a fully community-owned chain.”

Coins Held In Shadow Wallets

However, according to information now shared by FatMan, TFL was fibbing. Apparently, the company, and Do Kwon, have other secret wallets and shadow wallets holding upwards of 42 million LUNA. FatMan went on to share the links to the wallets in question. There are three wallets associated with TFL and two associated with Do Kwon.

According to Fatman below are the hidden Terra wallets that hold 42.81M LUNA

Did Kwon Approve His Own Proposal?

FatMan didn’t stop there. He further accused Do Kwon of using his shadow wallets to manipulate the governance voting to pass his proposals. Basically, Kwon made proposals, then used his shadow wallets to vote and pass them. FatMan noted that TFL is not supposed to vote in community governance motions.

Do Kwon owns TFL. One such instance may be the recent voting that passed the proposal to create Terra 2.0.

In the preliminary voting, almost the entire community was against creating a new chain, instead opting for the burning of the old LUNA (now Luna Classic).

However, after an amendment, the proposal was passed by the VIP voters. Since then, there have been complaints within the community that Do Kwon has abandoned LUNC. Interestingly, Terra 2.0 has been supported by various crypto exchanges.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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