Secret Terra Chat Leak Exposes Internal Chaos of Rebirth Plans

In the interests of transparency, a Terra validator has released a chat log between key players, including Do Kwon, as they prepared to launch LUNA 2.0. The chat logs reveal the state of chaos and confusion Terra insiders were grappling with in the wake of LUNA’s collapse.

The Telegram group the chat logs were taken from was dubbed the “Terra Rebirth League” (TRL) and comprised around 200 stakeholders. The conversation which began on May 12 quickly descended into a muddle between its many competing views.

Those present in the conversation included Do Kwon and Sunny Aggarwal of Osmosis. Besides high-profile names, validators, developers and other key voices participated in the discussion.

Terra Rebirth League

According to one discussion participant named BigB, the TRL was put together to become, “a specialized ongoing task force, independently operated, always critically assessing all attack vectors/vulnerabilities.” 

These aspirations were swiftly tested as the inherent challenges of organizing so many individuals became evident. One of the first problems was agreeing at what height of the blockchain the Terra should halt. Not all validators had stopped transactions at the exact same time.

In the early stages of the discussion, there were also calls to include ordinary community members, but it was believed that this may cause more harm than good. George Bunea of SyncNode resisted such requests believing it would only muddy the situation further. 

Bunea said, “this [discussion] is for validators… we already have a lot of confusion.”

JoseCT lamented organizational factors as well, “I think this kind of movements [sic] should be better organized and announced properly. In fact, following this kind of chats in Telegrams is not easy,” he said.

A member called Rohit added, “Never seen more confusion on something this serious.”

Even Do Kwon had trouble following all of the conversations. At one point he said, “Can someone summarize the issue? I’m pretty confused.”

Voting power and control

One of the concerns of the group was whether they collectively had enough voting power to direct and control the future destiny of Terra. As the situation developed it became clear that the group had considerable backing to help carry their plans forward.

The question of what precisely to do, and when, still remained. Some such as Kai Tuirin of Lido wanted to wait for the dust to settle before making any big moves.

“I believe we should wait a bit guys,” said Tuirin. “No sense to start right now. We still don’t have consensus on the Wormhole side.” Tuirin went on to add, “Launching right now will just bring more mixing up.”

It is clear however that a general sense of urgency was felt within the Terra ranks, and at the highest levels.

In the end, the Terra Rebirth League waited for two things to be in place before making its move. The first was the reactivation of the Wormhole bridge, the second was approval from Do Kwon himself. 

Luna 2.0

The genesis block for Luna 2.0 was laid on May 28. Terra has had to navigate a difficult road to reach that point, but the next part of the journey may not be altogether easy either.

Terra (LUNA) is currently trading at $7.12, down 62.2% from its $18.87 peak on May 28.

The post Secret Terra Chat Leak Exposes Internal Chaos of Rebirth Plans appeared first on BeInCrypto.

Earning Passive Income With Crypto

Related Posts

400+ Crypto Advertisements Violate Guidelines in India — ‘Some Influencers Talk About Crypto Without Understanding It’

The Advertising Standards Council of India (ASCI) has reportedly revealed that more than 400 crypto ads violated its guidelines so far this year. The majority of complaints…

Investment: How To Calculate The Attractiveness of a Cryptocurrency

Investment: Asset manager, financier, and cryptocurrency teacher Alexander Alexandrovich Ryabinin says the investment attractiveness of digital assets can be determined by analyzing inflationary and deflationary processes. The…

Rich Dad Poor Dad’s Robert Kiyosaki Says He’s Waiting for Bitcoin to Test $1,100 to Buy More

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, says he’s waiting for the price of bitcoin to test $1,100. He added that…

This is the Future of the Liquid Staking, Based on the Past

Staking and the future: The liquid staking industry is at a turning point, says Simon Furlong, the Co-Founder of Geode Finance. The various opportunities across DeFi and cryptocurrency…

Book by Nigerian Author Reminds New Adopters Why Bitcoin Was Created

Nigerian author and crypto advocate Nathaniel Luz has said his recently published book represents his attempt to remind people of the initial reason why bitcoin was created….

Voyager Digital Issued Notice of 3AC’s Loan Default; Here’s What Might Be Next

Crypto hedge fund Three Arrows Capital (3AC) has defaulted on an estimated loan of $670 million, as per the market update by Voyager Digital. In a release dated June…