- New Terra crypto was launched after the infamous Terra Luna stablecoin crash.
- Unlike Luna Classic, Luna 2.0 is not associated with a stablecoin.
- Kwon might be transferring Luna 2.0 to unidentified (yet) accounts.
Kwon may be hoarding LUNA 2.0
According to on-chain records, Terraform co-founder Do Kwon transferred Terra (LUNA) to a Binance wallet. Assistant professor Jaewoo Cho of Hansung University tweeted yesterday.
Cho alleged that Kwon transferred 523,390 Terra (LUNA) to wallet address
Cho suggested the address may be Kwon’s ‘sub-account’ or a cooperator.’ The said funds were later transferred to a Binance address ‘with memo 103136234.’
Crypto researcher FatManTerra was the first to highlight Cho’s tweets on Kwon’s transactions.
The new Terra cryptocurrency or Terra (LUNA) and its stable coin crashed in May this year, causing investors to lose millions. Authorities including the Interpol are after Kwon; however, his whereabouts are unknown.
Cho reported that the address terra1mdtes94sv3mtdqwj7zwxunmntc6u7778kus033
Later transferred 19,506 ANC to Ethereum wallet address 0x6420a0AD226bfb6ce5eA3021d3D60D86694B6601 before being transferred to Coinone, a Korean cryptocurrency exchange.
If Coinone can determine the owner of terra1mdtes94sv3mtdqwj7zwxunmntc6u7778kus033, the exchange could then identify the recipient of Kwon’s LUNA tokens. Cho added.
LUNA or LUNA 2.0
The new coin or token is different. Luna 2.0 is not associated with a stablecoin for stability, unlike Luna. The original Terra coin was renamed Luna Classic (LUNC). The supply of the new Luna is now fixed at 1 billion. Notably, when the bears attacked the market earlier this year, nearly 6.5 trillion Luna classic (then Luna) were minted because of the peg with UST. Apparently, developers will airdrop 35% of LUNA tokens to previous and new LUNA owners; 10% or 10,000 coins are reserved for those who held the coin before the stablecoin crash.
Kwon regularly promotes Terra Luna, a fork of the Terra blockchain. He is blowing trumpets about the new chain and the associated coin. He has written about the exchanges that will list Terra 2.0 and even keeps followers updated on the ongoing projects. Phoenix, the new chain’s in-house decentralized exchange and Luna Name Service (LNS), a service for domain names (like Ethereum’s ENS).
However, FatManTerra suspects Kwon may be resorting to the same road-show tactics he used to hype the Terra USD stable coin.
Speculations and suspicions are perfectly justified, however, the Terraform Labs team did not abandon Terra Classic or even USTC after the crash. Instead, they came out with a fork and a new coin. They changed the feature that caused the crash and have been communicating with the community regularly.
There is no guarantee that Terra will regain its earlier market position, and Kwon is not exactly in the clear according to law enforcement authorities. Nevertheless, Terra Labs is trying to regain