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HomeCrypto NewsMarketDo Kwon And TFL Inflating LUNA 2 Market Cap On Coinmarketcap?

Do Kwon And TFL Inflating LUNA 2 Market Cap On Coinmarketcap?


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TFL and Do Kwon are now accused of posting misleading LUNA stats on CoinMarketCap.

Terra’s Do Kwon and his TFL team seem to never stop getting themselves in trouble. After the collapse of UST and Luna, and the botched LUNA 2 airdrop, the team is now being accused of misrepresenting facts about the current market standings for Luna 2.

One of the most active truth-seekers, FatMan, has sent out a tweet exposing TFL for posting the wrong market cap figures for LUNA on CoinMarketCap. The issue has been so sensitive that it even caught the attention of CoinMarketCap personnel.


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TFL Self-Reporting It Stats On CMC

According to a response issued by CMC, the site allows some websites to self-report their project stats. They’re given access to their own dashboard that they can update any time as they see fit.

This means that TFL took the chance to post the wrong figures in hopes of making Terra 2.0 and LUNA 2 appear more successful than they actually are.

It turns out that TFL posted LUNA 2 market cap as amounting to $538 million while the actual market cap was just 318.4 million.

It also posted the circulating supply as 210 million as opposed to the actual figure of 124.4 million LUNA. To back up his claims, FatMan shared a screenshot of the mentioned response from CMC confirming this.

The response also clarifies that CMC had nothing to do with the figure manipulation since TFL was self-reporting.

Were The Figures Rectified?

At the time of this writing, the LUNA stats on CMC seems to have been corrected. Currently posted figures show that the coin is valued at $2.43, with a total market cap of $302.5 million and a circulating supply of 124.6 LUNA.

This change after FatMan’s tweet seems to give his claims more credibility. FatMan has been exposing Terra’s and Do Kwon’s misdeeds for weeks since the collapse of the original Luna and UST stable coin.

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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