The most popular stablecoin, Terra (LUNA), has created avid tension in the highly volatile cryptocurrency market with its instability, pegged to the US dollar. Do Kwon, the Founder of Terra was blamed for the drastic fall of stablecoin as the decentralized platform that ensured stability instead of volatility. Crypto investors must know that there are chances of Terra being not a decentralized platform. The credit can go towards the wealth of Do Kwon for the LUNA token.
Do Kwon has been on the suspected list with allegations that the stablecoin owner may hide some facts about the major drop of Terra and the crisis created among crypto investors, especially the South Korean crypto investors. He did not wait for a long period of time to launch Terra 2.0 after the sudden crash. Do Kwon has started calling the original Terra Terra Classic and the new version to be Terra or Terra 2.0. This launch has also surprised and created doubt among crypto investors about whether the Luna platform is controlled by one individual, Do Kwon, or if there is an entity behind this.
The community of crypto investors, especially the LUNA investors, has several doubts about the owner of Terra (Luna). Do Kwon failed to reveal the crypto wallet of Terra by mentioning that it is a token purchase agreement holder with TFL. Thus, it raised some concerns about whether the Terra wallet can belong to the owner or if he only used it for a voting purpose to favor his proposals regarding stablecoin in the highly volatile cryptocurrency market. The Terra 2.0 airdrop issue has also created some concerns because Do Kwon asserted that the Terra team will be out of the airdrop and it was only for the affected crypto investors. But the voting process showed that the crypto wallet consists of a huge volume of Luna tokens. Thus, there was a suspicion that they also received the airdrop just like anyone else. The cryptocurrency market has found some lack of clarity and transparency in the Terra 2.0 airdrop and holdings because apparently, it showcases that there is a potential opportunity for Do Kwon to be the third-largest Terra whale with 2% of the total stablecoin supply in the market.
Thus, all these issues are leading to the fact that Terra may not be a decentralized platform after all with the issues being brought up related to Terra and Terra 2.0.
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