- Terra’s LUNA price fails to recover despite Proposal 1299 to rescue over 154.7 million UST stuck in Osmosis and side chains.
- Anonymous Terra community members have come forward as whistleblowers, revealing facts on the deal with Jump Crypto.
- Do Kwon told the Terra community that sending LUNA to the burn address is "a loss" and "not a good idea."
Several whistleblowers have contacted Terra community member “FatMan” and revealed details of Terraform Labs co-founder Do Kwon’s monthly payments to quantitative trading firm Jump Crypto and their role in the crash of UST. Proposal 1299 has failed to fuel a recovery in Terra’s LUNA price.
Terra’s LUNA price stuck while whistleblowers call out Do Kwon
Algorithmic stablecoin TerraUSD (UST) witnessed a colossal crash more than a week ago, losing its $1 peg, with Terraform Labs’ tokens LUNA and UST lost a combined market value of $39.1 billion within a week. This event has been marked as the “first crypto bank run” in history and had a catastrophic impact on Terra’s LUNA price, which crashed from almost $100 to the current levels below $0.0002 in the span of a couple weeks.
Also read: LUNA price has turned into a crypto zombie with no revival to come
Terra Research forum user “FatMan” has come forward with insights into Terra’s co-founder Do Kwon and the deal with Jump Crypto. @FatManTerra has published his findings in a recent Twitter thread.
In the past 48 hours I have been contacted by several whistleblowers. These people would like to and will stay anonymous. I have learned some deeply troubling things and there is a lot more to come – this is just the very beginning. Here is some of what I can tell you.
— FatMan (@FatManTerra) May 23, 2022