Developers of Terra Classic Argue Over Millions In Off-Chain Assets

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Top Terra Classic Influencer Predicts $0.001 Price for LUNC
Top Terra Classic Influencer Predicts $0.001 Price for LUNC

Developers of Terra Classic argue on how the community ought to handle off-chain assets when disagreements surface.

Independent Terra Classic development groups engaged in verbal sparring yesterday on Twitter as discussions over how to handle recently uncovered millions in off-chain cash heat up.

It occurred in response to a governance proposal by an unidentified community member named Rabbi Jebediah Aaron-David Shekelstein, who effectively allotted more than 40% of the fund to the Terra Rebels. 

Additionally, in exchange for a 1% finders fee, the proposal aims to bar former Terra Rebels Quantitative analyst Alex Forshaw from participating in future governance.

Rex Harrison, also known as Rexzy of the TerraCVita, stated in response to the idea that he would be voting against it because it was “racist, elitist, and exclusive.” 

Additionally, he agreed with Forshaw’s observation that although the proposal intended to pay the rebels for their prior contributions, many significant contributors were no longer associated with the organization.

Senior Terra Rebels member Vegas harshly criticized Rexzy for his remarks. 

The Terra Rebel persuaded the TerraCVita member to keep the rebels out of it, claiming that the rebels had nothing to do with the plan.

Rexzy, Vegas, Forshaw, and Tobias Andersen, aka Zaradar, got into a verbal fight over the issue, which ended with Zaradar accusing Rexzy of stealing other people’s work.

The Community Stand on the Controversial Proposal is not Clear

The community’s position on the contentious proposal still needs to be clarified.

Classy, a prominent community member, has said that his validator will vote against it because “You can’t exclude people from governance on LUNC.”

It is important to note that this month, various discussions have been held about handling off-chain assets. 

Forshaw came into the wallet through his connections with Terraform Labs, and Do Kwon thinks that the community should hold some of it in a multisig wallet to support development. 

At the same time, Vegas feels that the network should send it to the community pool.

According to Etherscan data, the off-chain assets, which were previously valued at roughly $4 million, are now only worth about $2.5 million after crypto values crashed in the aftermath of concerns about a crypto-contagion following the FTX collapse.

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