Users furious at 'Luna version two' suggestion

 Hundreds of negative comments appeared under the article suggesting the creation of a brand new Luna token by Do Kwon, CEO of Terraform Labs.

On Twitter on May 17, Do Kwon said the company will proceed to split the current Luna into Luna Classic and take the code name Lunc, while the new version will be called Luna but not related to the stablecoin UST.

Terraform Labs CEO Do Kwon. Photo: CoinNews

Terraform Labs CEO Do Kwon. Photo: CoinNews

"I already lost a million dollars. Do you want me to lose more money," one user commented. "You should prioritize dealing with compensating people who have lost all their assets because of holding Luna and UST instead of thinking of 'pulling' us to a new platform and continue to extort money," the Knowhere account criticized. Kwon's tweet.

"Let's try to solve the current problem, bring the price of Luna back to the original level or at least somehow. We have lost faith in it too," wrote one person named Phoenix Chen.

On Terra's community forum, a wave of protests is also taking place. "One of those silly rescue plans, a terrible idea," commented Volt. "My life and investors are in turmoil. Don't expect us to back anything anymore because you don't deserve that trust," account Kamal_Arora said.

While the community was angry, Kwon posted a survey on whether to hard-fork on Terra's forum also on May 17. Hard-fork is a term for a fork of a blockchain on which a protocol runs with different rules than the existing protocol, resulting in two separate blockchains running together. Then one chain will become the main chain even if both blockchains exist in parallel, as long as there is validator and community support.

Below the survey there are many negative reactions. However, the results showed that up to 77.9% of the total 148 million participants chose to agree, only 0.36% refused and the rest had no opinion.

Do Kwon's survey on creating a new version of Luna. Source: Terra
Do Kwon's survey on creating a new version of Luna. Source: Terra

On Twitter, Kwon continued to post several messages that the survey results were showing he had "widespread support" for his new plan. However, this seems to "pour fuel on fire" in the public's outrage.

A series of comments expressed sarcasm survey. "Kwon probably made up this result, because he was behind the vote generation," the Mixeditup account replied. "That consent part is definitely without me, because I chose not to," the Oak account commented. "Don't try to scam us again," added the CryptoPoor account.

A group of users created their own survey on Terra. The results showed that, out of 6,220 participants, up to 92% rejected Terraform Labs creating a new hard-fork. Only 8% agree.

User-generated surveys show that the majority disagree with Terraform Labs implementing the hard-fork.
User-generated surveys show that the majority disagree with Terraform Labs implementing the hard-fork.

Meanwhile, in Kwon's hometown in South Korea, several people have filed lawsuits against the project. According to Munhwa Ilbo, the law firm LKB & Partner, representing the victims of Luna and UST, is gathering documents to prepare to sue Kwon and another founder, Daniel Shin next week, for misappropriation of assets. products and fraud.

On the Naver platform, a team that invested in two Terraform Labs tokens also started assembling the lawsuits. Currently, this group has attracted more than 1,500 members since May 17. "Next week, we will file a petition with the Seoul Southern District Prosecutor's Office to report charges of fraud and misappropriation of funds," a representative wrote on Naver.

Do Kwon was born in 1992 in South Korea. Before Luna and UST crashed, Kwon and his colleagues believed they had created a better, less buggy version of these tokens. With UST ranked fifth among the top stablecoins, Kwon had ambitions that the coin would stabilize, possibly even displacing the USD.

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