In a surprising disclosure, Tobias “Zaradar” Andersen, a prominent member of the Terra Classic (LUNC) community and former developer for the Layer-1 Task Force, has made grave accusations concerning the LUNC market.
Zaradar boldly claimed that the market is being manipulated by a single entity, potentially with the involvement of major cryptocurrency exchanges like KuCoin and Binance. Additionally, the developer implied that LUNC’s value is likely to plummet, raising concerns about its future.
He expressed his views by stating, “Maybe the question LUNC should be asking itself, is not wen 1, but rather wen 0 […] The market is clearly rigged by a single actor and I do not deem it feasible that this actor is operating without the help of KuCoin and Binance.”
Manipulation of LUNC Market
Zaradar’s allegations surfaced during a conversation within the LUNC community. The developer is convinced that a single entity is manipulating the market, potentially in cooperation with significant exchanges.
Despite opposition from some community members, Zaradar held his ground and defended his assertions. Additionally, he suggested that such practices wouldn’t be entirely unexpected, considering the dubious past activities of certain exchanges.
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In response to requests for evidence to support his allegations, Zaradar acknowledged the difficulty in proving intricate market manipulations. However, he drew attention to a notable incident involving Binance Chief Changpeng “CZ” Zhao and Justin Sun, the founder of Tron.
Zaradar pointed out that CZ had warned Justin Sun against bringing substantial amounts of USD to Binance for trading purposes, specifically concerning the SUI airdrop misuse in May. This warning suggested the existence of previous instances of significant capital movements, leading to questions about the frequency and timing of such actions.
Last month, the former L1JTF developer, Zaradar, made similar assertions. He alleged that a 36% price surge in LUNC was the outcome of a pump-and-dump scheme. Interestingly, after the rally, LUNC experienced a significant drop of 16%.
Zaradar’s Suggestion on New Chain
In the midst of the ongoing intense discussion, Canadian professional football player Nicolas Boulay emphasized that widespread user adoption has the potential to address certain market challenges.
Boulay emphasized that a cryptocurrency’s true value lies in its practical use case. He proposed the idea of making LUNC a globally adopted currency, owned and governed by the people, which could potentially mitigate concerns related to price fluctuations.
In contrast, Zaradar seemed disheartened by the current state of LUNC and suggested that starting anew might be more profitable. When Boulay expressed his views, Zaradar responded, “By this point why bother? It’s more profitable for us to just build a new chain,” While the nature of his proposition remains uncertain, some speculate whether it’s meant in jest or as a serious proposal. Nonetheless, Zaradar continues to assert that creating a new chain is the most feasible option given the present circumstances.