TerraForm Labs proposed to allow the community to choose if they want a new chain to be created without the algorithmic stablecoin or not. As a result, over 148 million votes were cast, with a large majority of voters opting in favour of the initiative, barely 24 hours after the proposal.
According to data on Terra Station, the voting exercise has 148.57 million votes, and 115 million votes representing 77.99%, are in support of creating a new Terra chain. On the other hand, “No with Veto” votes represent 20.28% of the total votes polled.
Therefore, a drawing consensus represented by the result shows that most of the Terra community is buying the idea of a new chain without the algorithmic stablecoin UST. However, opinions across various social media platforms indicate the opposite.
Terra Investors Believes the Voting Process is Rigged
Social media is filled with many negative reactions concerning the voting exercise, and many Terra investors believe the votes are rigged and less transparent. Furthermore, they also pointed out that the TerraForm Labs team led by Terra Founder Do Kwon is actively altering the votes to suit its intention to create a new chain and new LUNA tokens without the stablecoin that lost its peg to the USD.
Some users claimed that the vote counted over 10 million votes in favour of the proposal just a few seconds after starting the voting process.
Other users, who also called out the Terra team for manipulating the voting exercise, expressed that they want the old LUNA tokens to be burnt to boost their value instead of the company creating a new chain with new LUNA tokens.
“We don’t want new chain we want burning of $luna, ….. Don’t become SCAM – FAKE Voting it looks like fake voting – all in Twitter said – burn”
Another user expressed his concerns: “The $LUNA DAO has some fishy behaviour. The voting is being rigged in favour of the developers! WE NEED THE BURN!”
Reddit Users Confirms the Alleged Foul Play by Terra Founder
A popular Redditor, u/shouryaaasharma, noted that Kwon is guilty of rigging the results of the votes through the Terra team. He pointed out that 16,347,621 votes were favouring Fork in just 11 minutes.
Another Redditor with the username u/shoemugscale commented on the same issue, saying:
“I mean, TBH, is anyone shocked at this? Dude puts out 1 option, then gives this super aggressive time-line. It goes ‘live’ with 11 million votes for YES and NO starts to gain some traction then starts losing votes. They’re gonna do what they want, this is not a ‘fair’ vote, but oh well.. Nobody should be shocked.”
Meanwhile, Do Kwon is under investigation by the South Korean authorities based on the collapse of Terra tokens.