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LUNA 2.0 Token Loses 56% Since Last Week, Whistleblower Accuses Terraform Labs of Owning Shadow Wallets

After climbing to $11.33 per unit seven days ago on May 30, Terra’s new LUNA 2.0 token has lost more than 56% in value against the U.S. dollar. Amid the market performance, a number of former Terra-based decentralized finance (defi) projects are transitioning over to the new Phoenix-1 blockchain. In addition to the defi projects re-joining the Terra ecosystem, the whistleblower known as Fatman continues to accuse Terraform Labs (TFL) and Do Kwon of manipulative tactics such as allegedly lying about making LUNA 2.0 community-owned. Fatman alleges Kwon and TFL have access to shadow wallets with 42 million new LUNA tokens.

Out of more than 13,400+ cryptocurrencies in existence today, LUNA’s market capitalization is ranked 2,806 and it has seen $380 million in global trade volume during the last 24 hours. The top five trading pairs with LUNA on June 6, 2022, includes USDT, USD, EUR, USDC, and ETH respectively.

However, in another Twitter thread, Fatman detailed that there’s a possibility Terra 2.0 could become a community-owned blockchain. But Fatman wholeheartedly believes Terraform Labs (TFL) is not letting this concept come to fruition.

What do you think about LUNA’s market performance this week and the accusations tied to Do Kwon, TFL and alleged shadow wallets? Let us know what you think about this subject in the comments section below.


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