A whistleblower named Fatman ( @fatmanterra), published a chat log on June 1, 2022 that allegedly shows a discussion regarding Terra’s blockchain halt. Bitcoin.com News reported previously on Fatman, as the Twitter account had accused Terraform Labs and Do Kwon in a series of sketchy acts. Fatman stated Wednesday that an anonymous source had provided the whistleblower a document showing Do Kwon and Terra community members discussing a chain stop.
I was provided the missing pages by an anonymous source from the internal validation chat. You can find the link in the next tweet. It was necessary to stop the chain. However, it would be interesting to see if anyone here can map to the large LUNA purchases that occurred just before.
– FatMan (@FatManTerra June 1, 2022
Bitcoin.com News reported about the Terra blockchain’s block production halting on May 12, 2022. At 7,603,700 blocks, the network was stopped. Terra Rebirth League was the chat conversation. The discussion started with Terra validators asking TFL for their opinions. The chatroom’s active participants add to the conversation throughout the chat. Do Kwon, Terra founder, said in the chat: “I think a stop makes sense. Validators can also discuss ways to restart the network.
The network’s native token LUNA was being minted at a rapid rate, which was one of the reasons for the suspension of the chain. According to data stored by archive.org, the circulating supply was 359,024,672 units of LUNA on April 16, 2022. There was a total supply of 742,371,433 LUNA that day and a maximum supply at 1,000,000,000. archived data showed that the supply had risen to 18,511,882,771 (LUNA) with a total supply at 19,407,034,276. The maximum supply displayed on coingecko.com for that day was an infinity symbol.
Participants are aware that LUNA is being minted into infinite amounts, as shown by the ‘Terra Rebirth League” discussion. One participant asks if all validators were present during chain halt discussions. “So, we agree to stop the chain?” One person asks. “[Are] all validators representatives present? The person continued. Another validator stated that he had already stopped his node. Someone scolded him and said: “This is not how it’s done.” It’s time to restart it. Although more validator representatives were brought into the discussion, there is still a lot of confusion.
“Can anyone tell me the benefits of stopping the chain?” A chat room member asked. “Hello everybody, what’s the deal? Another person asked.
Active Network Participants and Confusion Grips Terra Validators
Do Kwon, co-founder of TFL, isn’t very active during the conversation. However, he can be seen adding Terra community members to the chat and making comments. Some people expressed concern about the Terra community. Do Kwon states that he thinks halting makes sense in the 11:00 a.m. chat log. Someone says that they need to ask TFL for their opinion. At 11:05 AM, an individual stated that TFL was not making any statements. They want to reduce any further liability. One participant also asked about the presence of all validator representatives. A person replied that the only validators needed to stop the chain are the top five validators. One participant wrote:
To stop, we need the top five. It doesn’t really matter what rest does.
Another screenshot was also provided by the individual showing the top five validators during the Terra blockchain participants’ search for escape routes. One person said that all five of the top validators were present at the Terra Rebirth League discussion. People discussed block heights and when it would be best to stop production. Fatman’s supposedly chat log shows that Do Kwon is more active in trying to determine when the chain will stop and whether or not there will be a patch. Kwon wrote:
Is the chain broken?
The chain was active and had not stopped when he asked the question. Some of the participants in the discussion confirmed that it was still active. Kwon answered that it was too costly to attack the network stake and why the chain was being stopped. Kwon will also be asked to merge code into Terra’s codebase at 11:40 AM. One person also wants to know if blockchain snapshots will be taken. Bitcoin.com News reported that on May 31, the Terra development team explained that some Terra token holders’received fewer LUNA from an airdrop than they expected.
A verified TFL insider claims that Anchor’s core team, which included the Anchor whitepaper creators, quit TFL prior to Anchor’s release due to Do’s insistence on imposing a 20% interest rate they could not sustain, which they knew would lead to collapse.
– FatMan (@FatManTerra June 2, 2022
Six Trillion, Nine Hundred, and Seven Billion Luna Classic Tokens
The new LUNA 2.0 tokens can be swapped on exchanges today. The old coin, now known as luna classic (LUNC), is being called luna classic (LUNC). At $0.00009820/unit, LUNC tokens were well below a U.S. dollar at the time of writing. The coin has a market value of $794 million and a 24-hour global trade volume of $271 million. The circulating supply of LUNC remains unknown, and the total supply is 6,907.072,876,045. This means that LUNC’s total supply has increased 930,306% over 45 days since April 16, 2022. The total supply of LUNC grew 35,490% even after the chain was broken on May 12.