Whales Dump LUNC, USTC as Terra Community Rejects Key Proposal

  • Terra community rejects proposal to put control in the hands of LUNC DAO.
  • FireBlocks recently announced plans to delist both $LUNC & $USTC.
  • Terra Luna Classic (LUNC) lost 30% of its value in the last 30 days.

Terra Luna Classic (LUNC) is on the verge of falling out of the TOP 100 by global crypto market capitalization in the continuing market-wide crypto slump. However, the bearish wave started way before then – the Terra Classic community has been torn apart with inner conflicts, which constantly affect the price of both tokens on the Terra Classic network.

A key figure in Terra Classic’s community, LUNC DAO, has proposed to lead the chain while making the popular YouTuber and LUNC holder Classy Crypto sell his validator node to LUNC DAO. Commenting on the situation, the prominent Terra member LUNC DAO blamed the “disobedient 20%”, who have chosen to be governed collectively by the community.

In another interesting turn, Classy Crypto admitted selling his validator to LUNC DAO for $10,000. Classy Crypto was called out on this three days ago when the $LUNC price suddenly dropped in a panic sell-off by the whales.

More Disorder for LUNC Incoming?

Unfortunately, Terra Luna Classic’s cognitive dissonance doesn’t stop there. Capitan 808, another prominent community member, spotted numerous wallets silently draining $LUNC’s on-chain liquidity for the past 12 months. Capitan 808 indicated that these interconnected wallets are running an arbitrage script and made over $1 million due to this vulnerability.

LUNC DAO also noted this issue and went even further by saying that he would expose the crypto wallets of 25 specifically harmful individuals, or so-called bad actors, who have been “slowly draining all laughter, beauty, and love from the chain — leaving it spiritually dead, as they suck the remaining blood.”

Ultimately, it will be revealed soon if drainage can be prevented. Meanwhile, Terra Classic’s market price dropped by 5.5% in the last 24 hours. After reaching the yearly low of $0.00005760, $LUNC bounced back to trade now at $0.00006267, according to CoinGecko.

Terra Classic USD (USTC) also plunged 6.9%, sending the zombie stablecoin below the fundamental support of $0.015.

On the Flipside

  • The USTC Quant team is working on creating a staking vault in the $USTC repeg crusade, while L1JTF is developing an on-chain DeFi wallet.
  • Repeg negotiations with major crypto platforms have started after a unanimously passed repeg proposal.

Why This Matters

Despite the financial fiasco of Terra Luna in 2022, the blockchain still operates due to high demand.

Explore DailyCoin’s top trending crypto news:

Cypher Protocol Freezes $600K in Stolen Funds on CEXs

Bitcoin Dominance Plummets During Crypto Market Mayhem

Source link: https://dailycoin.com/whales-dump-lunc-ustc-as-terra-community-rejects-key-proposal/




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