It has been revealed that Terra, behind the most controversial altcoin project of recent times, will send 2.5 million LUNA to exchanges for instant sale. These funds will be held to support projects on Terra 2.0. Here are the details…
Green light to new bid for Terra
A recent bid has given Terra the green light to sell millions of LUNAs to fund Terra 2.0 projects. Development on Terra 2.0 is still ongoing. Projects that were originally available in the original Terra chain exchange have been ported to Terra 2.0. However, the new chain had its own issues, starting with the flawed LUNA airdrop following its launch.
To prevent developers from giving up on the Blockchain network, Terra has come up with an attractive package to fund their venture. As we have reported Kriptokoin.com , this item was included in the proposal for the creation of Terra 2.0. Recently, a proposal called Proposal 446 was made available to the community to sell the funds allocated to support developers on the new Blockchain. Watched on Terra Station, the proposal was accepted with over 88 percent support.
Now, this sale looks like it’s ready to happen. In a recent tweet, LUNCDAO announced that 2.5 million LUNAs will be released to support 52 outstanding projects in Terra 2.0. Funds can be sold on exchanges with immediate effect to support the developing team’s spending. 2.5 million LUNA is 50 percent of the first 5 million LUNA allocated for this purpose. Currently, the LUNA is trading around $2.27. With 2.5 million LUNA to be sold, the financing figure is expected to be around $5.6 million.
Prop 446 to establish the emergency allocation distribution method of $LUNA to eligible teams building on Terra 2.0 has officially passed!
Read the governance proposal from @cephii1 for full details👇https://t.co/HKi5nLLiKI
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) June 15, 2022
What about other altcoins? LUNC?
Meanwhile, the Terra community, especially users holding the crashed LUNC, claimed Do Kwon and TFL have left LUNC. That’s why they filed a complaint against Kwon. It can be observed that the team is rather quiet towards UST and LUNC. On the other hand, his efforts to develop Terra 2.0 can confirm the claims. A few days ago, Do Kwon took to Twitter to allay concerns that TFL is leaving LUNC. He promised to communicate more with the community.
Meanwhile, according to local media reports, Kwon began to be questioned for data smuggling. SBS News reported yesterday that the Seoul Southern District Attorney’s Office’s Joint Financial and Securities Crimes Investigation Team has begun investigating Do Kwon for tax evasion. The data showed that in June 2021, the National Tax Service discovered a “suspicious money flow from an overseas company” transacting between Singapore and the Virgin Islands. Time will tell what this investigation will reveal…
