The crypto market was rocked by the collapse of Terra Luna (now “LUNC”). The collapse of stablecoins was a turning point in the industry. Despite all the opposition after the fiasco, Terra 2.0 and the LUNA token were finally released.
Can LUNA 2.0 live up to the fate of LUNA?
Many experts and experts, including Binance CEO CZ, expressed their reservations about restructuring Terra. A blockchain expert on Twitter, nicknamed Fatman, speculates that LUNA is facing yet another disaster. “Fatman” gives an example of the Mirror hack, which drained $88 million from short-term contracts. The expert’s emphasis is that this incident and Terra’s path are the same:
Do you remember the Mirror attacker who poured 88 million dollars from short contracts without anyone noticing? Made in a nice airdrop
Fun fact: remember the Mirror attacker who drained $88m from the short contracts without anyone noticing? He got a nice little drop as well – 2,129,681 LUNA. Credit to @tang93313745 for pointing this out to me! (1/4) 🧵
— FatMan (@FatManTerra) May 28, 2022
2,129,681 LUNA airdrops in total victims were dispersed. Fatman also revealed the attacker’s ETH address, as well as the transaction from the UST to the Terra Wormhole bridge. It also claims that the attacker has new LUNA tokens in hand.
This move was taken at the cost of having thousands of investors’ money stolen and frozen
Millions of dollars in losses were ignored as a result. The discussion also shows that the wallet sold its USTs just before the price reached $0.6. The hacker purges price went even lower, to $0.1. It caused the attackers to collect massive amounts of airdrop rewards.
Now, VCs and big investors are discussing the possibility of LUNA pumping to bring the price down later. It can be said that the dollar was made to support the UST, which lost its stability. Also, the crypto community is watching the discussion of LUNA’s airdrop scams.
To sum up, it’s too early to make a decision, but it’s reasonable to wait for things to calm down. The LUNA is currently $6.03 and time will tell what its future will be.
What you need to know about Terra 2.0
Terraform Labs co-founder and CEO Do Kwon said the new chain Terra 2.0, which aims to revive the collapsed Terra ecosystem, has been rebooted. Confirmed in May.
Pheonix-1 mainnet is now live and producing blocks – public node services, wallets and explorers should be going live shortly. pic.twitter.com/cpxiNKl6aX
— Do Kwon 🌕 (@stablekwon) May 28, 2022
Terra 2.0 mainnet, named Phoenix-1, is the original designation by Terra developers. according to the timeline, it started producing blocks starting on Saturday. As Kriptokoin.com we have covered the details in this article.
