Terra 2.0 To Abandon These Key Wallets Along With UST

Terra’s revival plan will abandon the UST stablecoin totally from the brand new blockchain, which is ready to launch this week.

But the brand new blockchain, Terra 2.0, may also exclude three wallets that performed a crucial function within the unique chain.

A tweet from Terra’s official Twitter account confirms that Terraform Labs (TFL), the Luna Foundation Guard (LFG) and the previous group pool might be excluded from Terra 2.0.

Specifically, the wallets won’t be aware of the airdrop of recent LUNA tokens that’s set to happen this week.

Terra 2.0 to be group owned

The exclusion comes consistent with statements from founder Do Kwon that Terra 2.0 might be totally community-owned and operated. TFL and LFG have been the founders and heads of Terra Classic, and will seemingly stay so.

TFL’s pockets (terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6), LFG’s pockets (terra1gr0xesnseevzt3h4nxr64sh5gk4dwrwgszx3nw) and the distribution module the place the Community Pool lives (terra1jv65s3grqf6v6jl3dp4t6c9t9rk99cd8pm7utl) might be eliminated within the airdrop whitelist.

-Terra stated in a tweet

The transfer signifies that Kwon, TFL and LFG will now not play any function in Terra governance. It may be a part of a “kill switch” protocol put in place by TFL.

During a 2021 interview, Kwon stated that if TFL have been to be ready the place it couldn’t “best serve the community,” it could transfer to chop all ties with the blockchain.

Voting on the Terra 2.0 proposal closed on Wednesday, with 65.5% of holders in support of the transfer. An airdrop of recent LUNA tokens, coupled with the launch of the chain, is ready to happen this week.

Kwon faces rising scrutiny over crash

While the execution of Terra’s revival plan is a step in direction of restoration, Kwon and TFL are largely being held liable for the crash by the group.

About $30 billion of investor cash was worn out within the crash, as UST’s mechanism did not help the greenback peg. Kwon and TFL are going through a government investigation in South Korea, in addition to a lawsuit.

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