TFL and Do Kwon are now accused of posting misleading LUNA stats on CoinMarketCap.
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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.
Just a word of warning – CoinMarketCap has been erroneously overreporting LUNA 2's market cap (according to their site, the Terra team self-reported the circulating supply, but it's incorrect).
CMC market cap: $538m
Real market cap: $318.4mhttps://t.co/4iFPQs5RrE— FatMan (@FatManTerra) June 14, 2022
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.
Just confirmed by CMC: TFL is actively misreporting the circulating supply and have the ability to update it at any time. @terra_money Why can't you people stop lying? It's become a pathology at this point. pic.twitter.com/K6gstqmBPw
— FatMan (@FatManTerra) June 14, 2022
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.
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.
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