Terra’s attempt to relaunch LUNA was criticized by Dogecoin co-founder Billy Markus, who called individuals who bought into it “really foolish.” The disintegration of the Terra environment has dominated news headlines in recent weeks. The UST stablecoin lost its $1 price peg, causing users to lose billions of dollars and their lives to be turned upside down. Several accounts of questionable activities have been voiced by internet investigators and whistleblowers during the fallout. All of this points to nefarious dealings within and beyond the Terra hierarchy. Allegations include prominent people manipulating Terra retail investors, senior figures enriching themselves using the Mirror Protocol, and Terra founder Do Kwon’s ties to the failed algorithmic stablecoin project Basis Cash. Terraform Labs to relaunch LUNA Do Kwon’s tweetstorm describing a Terra rebirth plan broke the news of a relaunch on May 16. Originally, this strategy called for forking the existing chain into a new chain that didn’t include the UST stablecoin. LUNA 2.0 will be a completely new chain, not a fork, according to the developers. The new chain’s tokens will be distributed by airdrop to the previous chain’s “stakers, holders, residual UST holders, and critical app developers.” On May 25, the community voted “overwhelmingly” to pass Proposition 1623, paving the door for the launch of LUNA 2.0. The relaunch and token airdrop were supposed to happen on May...
