Investing.com – The network meltdown is growing, and reports that private investors have been scammed out of billions of dollars are mounting.
A user of the Terra-Research forum said he received information from different whistleblowers that would prove that the collapse of the house of cards was accompanied by a whole series of lies.
In May 2021, had already lost its peg to the dollar. It was apparently Jump who emerged as the savior of hours.
The same company that had been involved in the Wormhole hack. At the time, a rescue plan of more than 300 million dollars had been put in place in a few hours to avoid a collapse of the ecosystem on Solana. Many have wondered where the money made available by Jump came from. It is possible that there is a link between the two events.
What is certain is that rescue plans are never disinterested.
On Twitter (NYSE:), we can read:
@stablekwon I’m aware of Jump’s May 2021 bailout and I know exactly how much you owe them each month in LUNA.
@jump_ I know exactly what you did to manipulate trading for retail investors to lose billions in VAT, especially LUNA.
@KanavKariya I know who controls you behind the scenes; I know your Slack group has a memory window of 14 days.
@SBF_FTX I know about the 30% serum handshake deal with Jump and what was done next with small investors.
If these claims were to correspond at all to reality, the damage to confidence in the cryptocurrency market would reach dimensions that go far beyond the collapse of the stablecoin TerraUSD.
The TerraForm Lab rescue attempts, which were to stabilize the UST and re-establish the link with the dollar, are also in the center of the discussion.
During this, 33,206 BTC were sold for 1,164,018,521 UST, without a vote by the Luna Foundation Guard having taken place beforehand. The organization that was there to take care of the peg of the UST to the dollar.
Founder Do Kwon justified the decision on the grounds that it was a “confidential” transaction. A transaction worth 1.1 billion dollars which took place over the counter.
The community did the math and found that the over 1.1 billion UST was already worth much less at that time. The question therefore arises as to who was saved by this transaction – it was clearly not the UST.
Moreover, there are indications that Do Kwon exerted influence on important developers. These would have publicly supported his proposal to create the new Terra 2.0 blockchain. It is assumed that they were threatened with being kicked out of the new blockchain if they did not.
“Do Kwon knows developers are important, but it seems like he doesn’t want to cede control. Three important protocols have come under pressure to support the new blockchain, and many of us don’t like that. Developers have negotiated a 25% stake in Terra 2, but they have been forced to accept a 10% compromise and risk being left out if they do not publicly support the project.
The first attempt to revive Terra 2.0 through a hardfork had failed due to the veto of important voters.
Furthermore, it is blamed that the planned airdrop of the new tokens primarily benefits those who are currently securing low-priced tokens. For private investors who bought UST at $1 and Luna at $100, the airdrop won’t even be a drop in the ocean. When in doubt, it is Terra itself that benefits, although it has been said that the new blockchain will be entirely in the hands of the community.
By Marco Oehrl