After the shocking market crash on May 12th, Terra’s UST and its sister token Luna crashed and lost at least 99% of the value. The value dropped down to below 1$ and was trading at $0.0091. To cope up from the market crash and to revive again in the market, Terraform Lab announced Luna 2.0. Luna 2.0 did have many controversies in the start. But after a long battle, Luna 2.0 did start trading at $11.33 on May 30th 2022. But, since then, in the last 7 days, Terra’s Luna 2.0 has dropped down in its value drastically. At least 55 to 60% of the value was lost of the currency. In the last 24 hours, Luna 2.0 was observed trading in the range of $4.84 to $5.46.
Defi projects shifting into Terra.
Picture Credits: FX Empire
Amid the current market conditions, many Decentralized Finance (Defi) apps are considering to rejoin terra’s ecosystem. Some of them have actually joined terra 2.0 These include Terra Defi apps such as Valkerie Protocol, Leap Wallet, and Astroport.
The apps are joining the ecosystem back for various reasons. Terra twitter page recently tweeted that Terra Bridge Version 2 will allow the user to transfer assets to and from Terra 2.0, Ethereum, Osmosis, Secret and Juno.
Terra’s Whistleblower confronts Do Kwon for owning Shadow Wallets.
In the current situation, the community is precisely focusing on rebuilding the obliterated blockchain ecosystem. But, Fatman accuses the founder of Terra, Do Kwon for allegedly operating shadow wallets, even when the team went on to promise that specific wallets like Luna Foundation Guard’s and TFL’s wallets would be blacklisted from the new ecosystem or from Terra 2.0
Allegations continue on Do Kwon as Fatman says, Do Kwon stated that TFL doesn’t have even one single Luna Token, promising to make Luna2.0 community owned. Fatman says that, Do Kwon is lying and states that TFL owns 42M Luna, worth over $200m.
Fatman according to his investigation, disclosed five wallets which he suspects to be shadow wallets of Do Kwon because the wallets have Terra Based address. The valuation of the wallets is around 42.81 million Luna2.0 tokens and he also claims that there might be many other wallets.
In conclusion, Fatman believes that the teams major focus and objective should be in rebuilding the terra’s ecosystem and make a community owned chain. He also argues that the actions of TFL makes him believe that they are hell-bent on making sure that the community owned chain is not built.
