2 years ago
Over 2 weeks aft the Terra LUNA and UST fallout, a whistleblower dubbed “Fatman” published an alleged chat log betwixt the project’s co-founder Do Kwon, Terra validators, and infrastructure providers from the Terra blockchain community. If the chat log is legitimate, Fatman claims the papers proves implicit 50 radical “knew astir the [network] halt earlier it happened.”
The “Terra Rebirth League” Discussion
On June 1, 2022, a whistleblower called “Fatman” (@fatmanterra) published a chat log that allegedly shows a treatment astir Terra’s blockchain halt earlier it happened. Bitcoin.com News has reported connected Fatman before, arsenic the Twitter relationship has accused Terraform Labs (TFL) and Do Kwon of a fig of sketchy acts. On Wednesday, Fatman explained that an anonymous root provided the whistleblower with a papers that shows a fig of Terra assemblage members and Do Kwon discussing a concatenation halt.
An anonymous root has provided maine with the missing pages from the interior validator chat. The nexus is successful the adjacent tweet. Make nary mistake – a concatenation halt was indispensable – but it would beryllium absorbing to spot if anyone successful present maps to the large LUNA buys that happened close before.
— FatMan (@FatManTerra) June 1, 2022
Bitcoin.com News reported connected the Terra blockchain stopping artifact accumulation connected May 12, 2022. The web was halted astatine a artifact tallness of 7,603,700. The chat speech was called “Terra Rebirth League” and the commencement of the treatment shows Terra validators asking for opinions from TFL. Throughout the full chat, a fig of radical are added to the speech by the progressive chatroom participants. In the conversation, Terra co-founder Do Kwon allegedly says: “I deliberation a halt makes sense. And validators tin sermon however to restart the network.”
One of the reasons noted for halting the concatenation was due to the fact that the network’s autochthonal token LUNA was being minted astatine an exponential rate. For instance, connected April 16, 2022, determination was a circulating proviso of 359,024,672 LUNA, according to data saved by archive.org. The full proviso that time was 742,371,433 LUNA and a maximum proviso of 1,000,000,000. However, by May 12, 2022, archived data shows the proviso jumped to 18,511,882,771 LUNA with a full proviso of 19,407,034,276. Moreover, the maximum proviso connected coingecko.com that time displayed an infinity symbol.
The “Terra Rebirth League” treatment shows that participants are good alert of LUNA being minted into infinity. One idiosyncratic asks if each the validators were contiguous during the concatenation halt discussion. “So we hold to halt the chain?” 1 idiosyncratic asks. “[Are] each the validators representatives here?” the idiosyncratic continued. One validator said helium already stopped his node and idiosyncratic scolded him by saying: “This is not however its done. Please restart it.” While much validator representatives were added to the treatment there’s a batch of disorder and arguing happening.
“Can idiosyncratic tldr maine what the vantage of halting the concatenation is?” a idiosyncratic successful the chat country asked. “Hello everyone, what are we doing here?” different idiosyncratic asked.
Confusion Grips Terra Validators and Active Network Participants
TFL co-founder Do Kwon is not precise progressive during the speech but is seen adding circumstantial Terra assemblage members to the chat country and making immoderate comments present and there. Some individuals had shown interest for the Terra community. “I deliberation halting makes sense,” Do Kwon says astatine the 11:00 a.m. conception of the chat log. At immoderate point, idiosyncratic says they request to get TFL’s sentiment and astatine 11:05 a.m. an idiosyncratic said: “TFL is not making immoderate statements rn. They privation to minimize each further liability.” In addition, erstwhile an idiosyncratic asked astir each validator representatives needing to beryllium present, 1 idiosyncratic discloses that lone the apical 5 validators are needed to halt the chain. One subordinate writes:
We request the apical 5 to halt. Rest doesn’t substance really.
The idiosyncratic besides near a screenshot of the apical 5 validators astatine the clip Terra blockchain participants were scrambling for flight routes. According to 1 idiosyncratic successful the chat log, each the apical 5 validators were contiguous during the “Terra Rebirth League” discussion. During the conversation, radical discussed what artifact tallness would beryllium the champion clip to halt artifact production. The ostensible chat log published by Fatman shows that Do Kwon is simply a small much progressive by trying to fig retired what clip the concatenation volition halt, and whether oregon not a spot volition beryllium ready. At the 11:27 a.m. mark, Kwon writes:
Has the concatenation halted?
When helium asked the question, the concatenation had not yet stopped and was inactive progressive according to immoderate of the treatment participants. When asked wherefore the concatenation was being halted, Kwon ostensibly details that the “cost to onslaught the web involvement is excessively low.” Kwon is besides being asked to merge immoderate codification into the Terra codebase astatine the 11:40 a.m. mark. One idiosyncratic asks if blockchain snapshots are being taken arsenic well. Moreover, Bitcoin.com News reported connected May 31, however the Terra improvement squad precocious explained immoderate Terra token holders “received little LUNA from the airdrop than expected.”
According to a verified TFL insider, the full halfway squad moving connected Anchor, including the creators of the Anchor whitepaper, discontinue TFL earlier Anchor's merchandise due to the fact that of Do's adamant determination to unit an unsustainable 20% involvement complaint that they knew whitethorn effect successful a collapse.
— FatMan (@FatManTerra) June 2, 2022
Six Trillion, Nine Hundred and Seven Billion Luna Classic Tokens
Today, the caller LUNA 2.0 tokens are being swapped connected exchanges and the aged coin is present called luna classical (LUNC). At the clip of writing, LUNC tokens are good beneath a U.S. penny astatine $0.00009820 per unit. However, the coin itself inactive has a $794 cardinal marketplace valuation and $271 cardinal successful 24-hour planetary commercialized volume. However, the circulating proviso of LUNC is chartless and the full proviso is simply a whopping 6,907,072,876,045. That means since April 16, 2022, LUNC’s full proviso expanded 930,306% successful astir 45 days. Even aft the concatenation was halted connected May 12, the full proviso of LUNC grew by 35,490%.
What bash you deliberation astir the alleged “Terra Rebirth League” chat log discussion? Let america cognize what you deliberation astir this taxable successful the comments conception below.
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