After two days of silence, Do Kwon, founder of Terra Luna, took to Twitter to respond to the many questions and accusations from the community, discussing multiple issues related to his proposal to split up Luna’s network and clarify his whereabouts.
Terra Luna 2’s revival plan
color The second proposed revival plan He is looking to fork the chain and create a new blockchain without the stable algorithm. The old series will be called Luna Classic (LUNC), while the new series will be called Terra (LUNA).
The new proposal is officially called Terra Builders Alliance: Rebirth Terra Network and can be found at station.terra.money.
At the time of writing, over 63.28% voted to pass the motion, with 20.01% abstaining, 0.54% voting No, and 16.16% voting No with a veto.
The proposal expires in 3 days with approximately 133 million votes remaining. At this point, the proposal will likely be approved, and Terra Luna will move forward with network fork and upgrade.
Do Kwon started answering questions
Twitter has been full of anger and intrigue regarding Terra Luna’s situation, and rightfully so, as the crisis affected a wide range of investors. One of the trending hashtags on Twitter this weekend was #lunascam, accusing everyone from Do Kwon to Changpeng Zhao (CEO of Binance) of having insider knowledge about and profiting from the crash.
Changpeng Zhao addressed various questions from the community in his country Reddit AMA this weekendreceiving more than 1,600 comments within hours.
In turn, Do Kwon took to Twitter and posted nearly two dozen tweets clarifying community questions and talking about Terra’s new revival plan.
One of the questions about the new fork was whether UST and LUNA holders on decentralized exchanges on the Cosmos Network (IBC) would continue to receive the Airdrop. Do Kwon responded positively that all IBC DEX assets will be indexed.
Yes – assets transferred from IBC will be indexed
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– Do Kwon 🌕 (stablekwon) May 21 2022
Assets in IBC DEXs will be considered in Airdrop, and any holder will get their share of the new tokens.
Another common question for Do Kwon from the community was regarding tax status. According to several reports, Do Kwon supposedly owes millions of dollars to the Korean authorities. However, Do Kwon made it clear that he has no outstanding tax obligations in Korea. According to Kwon, he has already paid his stake and has been in Singapore since December.
In addition, regarding the accusations of shorting UST or LUNA during the crash, Do Kwon stated that he had never shortened cryptocurrency in his life, let alone LUNA or UST.
I’ve never shortened a cryptocurrency in my life, let alone Luna and Ost
– Do Kwon 🌕 (stablekwon) May 21 2022
Terra Luna is doing well today, reaching $0.0001112 and up over 16% in the last 24 hours. The recent price hike is likely due to Do Kwon’s comments on Twitter and the upcoming approval of the revival proposal.
On the other hand, floor tanks continue to slide lower, as they are currently trading at $0.054, down more than 13% over the past 24 hours. Since the new proposal abandons stablecoin, we can only assume that the floor treasuries will eventually end up at $0. Users still mainly hold the token to claim any airdrops or potential rewards from the new series.
Terra Luna’s situation is undoubtedly tragic in many ways, but it is a very educational lesson when it comes to cryptocurrency and investing. Do Kwon and the cryptocurrency community are doing their best to provide hope for traders and investors. If the community holds together, nothing will stop LUNA from reaching multi-billion dollar valuations again.
Now can be an excellent time to buy a LUNA if you want to buy a snorkel; However, keep in mind that the classic LUNA will likely struggle to survive once the new series is released.
Disclosure: This is not business or investment advice. Always do your research before purchasing any cryptocurrency.
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