In a startling disclosure, Tobias “Zaradar” Andersen, a prominent member of the Terra Classic (LUNC) community and former developer for the Layer-1 Task Force, has leveled serious allegations against the LUNC market.
Zaradar boldly alleges that the market is being manipulated by a single entity, and he even suggests the possible involvement of major cryptocurrency exchanges such as KuCoin and Binance. Furthermore, he insinuated that LUNC is inevitably heading towards zero.
Maybe the question LUNC should be asking itself, is not wen 1, but rather wen 0 😂
Please stop asking me when the price will do X. 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 🤷♂️ pic.twitter.com/cNn9JaQLka
— Tobias Andersen (@ZaradarBH) July 24, 2023
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Allegations of Market Rigging
Zaradar’s claims came to light during a discussion within the LUNC community, where he firmly believes that a solitary actor is rigging the market.
The developer goes on to suggest that this entity may be collaborating with influential exchanges, raising questions about their integrity. While some community members challenged Zaradar’s claims, he staunchly defended his position, citing past questionable actions by certain exchanges.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Difficulties in Proving Manipulation
When asked for evidence to support his claims, Zaradar acknowledged the complexity of proving intricate market manipulations. However, he pointed out a notable incident involving Binance CEO Changpeng “CZ” Zhao and Tron founder Justin Sun.
CZ had previously warned Sun against bringing significant amounts of USD to Binance for trading purposes due to suspicions of misuse. Zaradar highlights this event as a clue to potential large-scale capital movements, casting doubt on their frequency and timing.
Last month, Zaradar made similar claims following a significant 36% surge in LUNC’s price, alleging a pump-and-dump scheme. Notably, the price of LUNC dropped by 16% after the rally. These previous allegations intensify the gravity of Zaradar’s current accusations and raise concerns about the stability and integrity of the LUNC market.
Zaradar’s Proposal for a New Chain
During the ongoing heated debate, Nicolas Boulay, a Canadian professional football player, emphasized that mass user adoption could address some of the market issues.
Boulay stressed that the value of any cryptocurrency lies in its practical use and proposed transforming LUNC into a globally adopted currency owned and governed by the people, which would alleviate concerns about price fluctuations.
Mass user adoption is the only solution. Any currencies value is its use case. Make #LUNC a global currency owned and governed by the people and the price wont even be an issue anymore.
— Nicolas Boulay (@NicolasBoulay) July 24, 2023
Read Also: Binance LUNC Burn to Soon Resume As this Terra Classic Network Upgrade Set to Launch
However, Zaradar remained unfazed by the discussion, expressing disillusionment with the current state of LUNC. He suggested that starting afresh might be more profitable, stating, “By this point why bother? It’s more profitable for us to just build a new chain.”
Despite the ambiguity surrounding Zaradar’s proposition for a new chain, it continues to fuel speculation, raising questions about its seriousness and feasibility. Nonetheless, he firmly maintains that this alternative represents the most viable choice given the current circumstances.
The LUNC community now confronts the challenging task of addressing the allegations of market manipulation while considering the potential benefits and drawbacks of Zaradar’s proposed new chain. Only time will tell how these developments will impact the future of LUNC and the broader cryptocurrency landscape.
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