Terra Investors Alleged Ongoing Voting Exercise to Rebirth LUNA Network Is Being Rigged By Do Kwon

Terra ClassicTerra Classic
$0.00011
‑24.39%
thecryptobasic.com1m ago
- Advertisement -

Terra investors have taken to various social media platforms to slam the voting exercise that will determine whether a new Terra chain will be created. 

Nearly 24 hours after TerraForm Labs launched a proposal to allow the community to decide whether or not a new chain will be created without the algorithmic stablecoin, over 148 million votes have been recorded, with the vast majority of voters opting in favor of the initiative.

According to data on Terra Station, of the 148.57 million votes recorded so far, 115 million votes representing 77.99% are in support that a new Terra chain should be created. However, “No with Veto” votes represent 20.28% of the total votes polled. While it is safe to say that with the results so far, the vast majority of members of the Terra community are in support of the idea that the team should create a new chain without the algorithmic stablecoin UST, opinions across various social media platforms say otherwise.

Negative Reactions Trail the Ongoing Terra Proposal Voting

Many Terra investors believe the vote is being rigged by the TerraForm Labs team led by Do Kwon, the CEO, and founder of the company, in a bid to suit its intention to create a new chain and new LUNA tokens without the stablecoin that lost its peg to the USD.

Some users claimed that a few seconds after voting started, as announced by the Terra team, over 10 million votes in favor of the proposal had been recorded.

Based on this, they argued that the voting exercise is being rigged to favor the team’s goal of creating a new chain and LUNA coins.

Yes, I entered right after the announcement and more that 10M of votes Yes were there!! Totally rigged, none wants fork, 🔥 🔥 🔥 — Michel Feria (@MichelFeria3) May 18, 2022

Other users, who also called out the Terra team for manipulating the voting exercise, expressed that they want the old LUNA tokens to be burnt to boost their value instead of the company creating a new chain with new LUNA tokens.

“We don’t want new chain we want burning of $luna, ….. Don’t become SCAM – FAKE Voting its looks like fake voting – all in Twitter said – burn”

We don’t want new chain we want burning of $luna We want old LUNA – "BURN" No on care and buy new LUNADon't become SCAM – FAKE Votingits looks like fake voting – all in Twitter said – burn — Amba Boutique (@AmbaBoutique) May 18, 2022

Another user expressed his concerns: “The $LUNA DAO has some fishy behavior going on. The voting is being rigged in the favor of the developers! WE NEED THE BURN!”

The $LUNA DAO has some fishy behavior going on. The voting is being rigged in the favor of the developers! WE NEED THE BURN! — CryptoKing 👑 (@CryptoKing_NFT) May 18, 2022

Meanwhile, aside from the outburst on microblogging platform Twitter, Terra investors also slammed the voting exercise on Reddit.

A Redditor with the username u/shouryaaasharma, noted that the move made by the Terra team during the voting exercise shows Kwon is guilty. He points out that 16,347,621 votes were posted in favor of Fork in 11 minutes.

Fake voting by Do Kwon….16,347,621 Yes votes in 11 minutes from terraluna

Another Redditor with the username u/shoemugscale commented on the unfortunate incident saying:

“I mean, TBH, is anyone shocked at this? Dude puts out 1 option, then gives this super aggressive time-line. It goes ‘live’ with 11 million votes for YES and NO starts to gain some traction then starts losing votes. They’re gonna do what they want, this is not a ‘fair’ vote, but oh well.. Nobody should be shocked.”

Meanwhile, South Korean authorities announced yesterday that it has revived one of its special crime units to investigate the collapse of Terra tokens.

- Advertisement -