When the dust settles from the collapse of the Terra ecosystem, and the community decides what the next steps should be, the CEO of a South Korean validation firm believes that the legacy Terra chain should be closed for good.
Jeon Kim, CEO of blockchain solutions company DSRV, wrote an opinion mail On his own behalf, detailing how the Terra team switched off the idea of stopping block production during this Luna Prices collapsed and the Terra USD (UST) stablecoin detached. He is now urging auditors in the Terra ecosystem to reject the hard fork in favor of a brand new community-led blockchain.
DSRV is running a validator node Terra holds 9.36% of the chain’s voting power. DSRV has suffered as much as any investor because its contract raised 14 billion LUNA worth about $1 million in LUNA by May 8, which is now worth about $3 million.
Kim wrote that the decision stop chain May 12 was not taken lightly by the Terra Validator League, which has been renamed the “Terra Rebirth League”. However, he said the Terra team failed to provide proper notification using the word ‘confirm’ to actually confirm with all validators that they should stop the chain, leaving him feeling ‘betrayed’. he wrote:
And the ad they made [made it sound like] Replaying the series was originally the opinion of the auditor. Yes, they did not use the term “confirmation”.
Founder of Terra Do Kwon Suggest remaking the series And reset tokens to 1 billion colors on May 13. Kim seems to completely disagree with Kwon as he wrote in his letter that reusing the Terra String “makes the Terra String’s internal value exactly 0.”
The previous Terra series should disappear permanently. A completely new series must be led by the community [be made to] Save the madmen.”
There may be more to the story as Kim wrote in his letter that control of the Mossert Federation has been relinquished to the community, giving the appearance of decentralization, which could protect Terra from further legal burdens. He asked if the project was preparing to deal with imminent legal hurdles by asking, “Maybe this can be used to mitigate legal risks?”
Wu Blockchain tweeted on May 14 that a Singapore resident has filed a lawsuit against Do Kwon in favor of UST and LUNA investors.
A user on reddit claimed to have filed a police report against Do Kwon, on behalf of UST and Luna investors. He said at least 1,000 Singaporeans have invested in Luna and UST. https://t.co/eIQ9AGul4T https://t.co/YzPf8iWHI7
– Wu Blockchain May 14, 2022
Kim told Cointelegraph on May 16 that he wants to “save the community” but that there is no lead coordinator for victim support efforts “because there are still legal issues out there”.
“I’m not a hero, but I really want to save people.”
On May 8, the sale of Ground Locker Tokens sparked a panic, which ultimately drove the price of LUNA down from $73 to a meager $0.000000999967 on May 13th according to Queen Gekko. UST is still disastrously separated from the Dollar, trading at $0.16 while LUNA is almost worthless, down 30.8% in the past 24 hours at $0.00026619.