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HomeCrypto NewsMarketAuthor Of LUNC 1.2% Tax Burn Proposal Says Terra Classic Is Completely Independent of Do Kwon And TFL

Author Of LUNC 1.2% Tax Burn Proposal Says Terra Classic Is Completely Independent of Do Kwon And TFL


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Terra Classic Community Assert Independence From Terra Founder Do Kwon.

Terra Classic community says it runs without input from Terra founder Do Kwon.

Several statements have come out in recent days from Terra Classic influencers distancing the blockchain from Terra founder Do Kwon and asserting the independence of the network and its ability to thrive without TerraForm Labs (TFL) input.

LUNC.bet, a betting platform powered by LUNA Classic (LUNC), in a tweet today, shared the thoughts of Edward Kim, the author of the latest 1.2% tax burn rate proposal, on Terra Classic’s dependence on TFL. According to Kim, while collaboration with TFL makes things easier, it is also possible for the network to run without them at the cost of inconveniencing several individuals.

“The blockchain itself is running completely independent of TFL. The validators are the guardians of the blockchain. Interfacing with the blockchain without using the command line requires some tooling that uses TFL resources. We are working on this independence. The reality is if all TFL ‘stuff’ were wiped out, we would be fine. It would just be inconvenient for many people, but assets would be safe, and the blockchain would continue to run,” Kim wrote in the shared Discord message.

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Notably, Kim also emphasizes these ideas in a tweet on Wednesday where he asserts that LUNA Classic is community-driven and that no single individual or entity dictates the direction of the network.


Additionally, in a thread on Wednesday, an unofficial LUNA Classic burn tracking account LUNC Burn asserted that Terra Rebels have carried out all recent development activities with zero input for Kwon and Terra Labs. According to LUNC Burn, Kwon has since handed over the reins of the network to the community.

Why These Statements Are Surfacing Now

It is worth noting that these statements come in response to news that South Korean authorities have issued an arrest warrant for Terra founder Do Kwon and five other members of TerraForm Labs. Notably, South Korean law enforcement agents believe LUNA to be unregistered security and plan to arrest and charge Kwon for failing to register it. In addition, the Terra founder remains under investigation for possible foul play leading up to the Terra ecosystem collapse.

While some, like Terra whistleblower FatMan, believe that the arrest warrant is a win for LUNA investors who lost their money in the Terra ecosystem collapse in May, others question whether or not the development is a cause for concern about the crypto ecosystem in South Korea in general.

It bears mentioning that Do Kwon and TFL are facing multiple class action suits in South Korea and the US. Investors who lost money in the Terra debacle hope to get redress in court. Notably, FatMan has joined the lawsuit by Scott+Scott Attorneys, urging others to join as well, while asserting his conviction that Do Kwon was complicit in the events leading up to the Terra collapse.

Terra Classic Remains Resilient 

Terra was once among the top 10 crypto projects by market cap, mostly bucking the overall market trend earlier this year to make new highs. However, it all came crashing down in May following the de-pegging of TerraUSD (UST), now TerraClassicUSD (USTC).

After the incident, Kwon created a new chain dubbed Terra 2.0. Subsequently, the community took the reins of the Terra Classic network, maintaining the belief that the network could recover. Consequently, as reported by The Crypto Basic, the community has revealed an audacious plan to recover the USTC dollar peg and attract utility to the network.

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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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