Internal chat leaks confusion and chaos on LUNA 2.0 launch, more revelations on the original LUNA schemes.
Terra validator THORmaximalist has published the secret logs of the LUNA internal chat where emergency patches and uncertainty chaos rule the design of the new platform. Anonymous holder FatManTerra twits accusations and revelations that can finally kill the reputation of Do Kwon and the credibility of Terra.
THORmaximalist, a Terra validator, published full chat logs of events preceding the launch of LUNA 2.0. The group included Terraform Labs employees, including Do Kwon, as well as most major validators.
From what we have read, it was not about a new or corrected design — the same mechanism for algorithmic stable coin is proposed. Moreover, discussions were not about the design at all — the launch of LUNA 2.0 it was a matter of urgency to preserve the community, projects, resources and other goodwill of original LUNA project that was evaporating every hour.
- Due to the lack of coordination, the launch time of the new blockchain became a problem. According to the log, there were validators who did not know at what block height they should be or, in fact, at what time they should resume the operation of their node.
“Never seen more confusion on something this serious.” — Rohit from Coinbase Cloud commented.
It is not surprising that everything was in a state of chaos, because Do Kwon himself wrote at that time:
“Can someone summarize the issue? I’m pretty confused.”
- It also becomes clear from the correspondence that the chat participants did not understand whether they had sufficient voting rights to make changes and restart the chain. To solve this issue, the chat participants created a table that indicated the status of each validator before restarting the chain.
- The published correspondence also left open the question of the long-term operation of Luna Classic (the original LUNA project). The group intended to restart the chain for only one month, based on chat logs. Whether this is still the goal it is currently unknown.
The THORmaximalist validator is not the only one attacking Terra Form Labs (TFL). A number of accusations were made against Do Kwon and the team by an anonymous Twitter user FatManTerra.
Among them, governance voting manipulated by the TFL wallets, hiring a training firm to manipulate the market and even hardcoding key financial metrics into the monitoring dashboards.
On May 28, the official launch of the new Terra blockchain took place. On the same day, some previous holders of UST and LYNC received their new LUNA tokens during the first round of token distribution, called airdrop. On the day of the relaunch, LUNA was quoted at $18.85, but subsequently fell to $5.71 before recovering half of its losses the day before the Binance listing. By June 13, according to Cointelegraph, the token is trading at $ 2.93