Terra Rebels, the group that oversees the development of the imploded digital currency Luna Classic (LUNC), has recently addressed the role played by Binance, the world’s largest crypto exchange by trading volume, in the controversial sponsorship deal with Neblio, a distributed blockchain platform.
It’s worth noting that the deal has caused controversy in the Terra Classic community. According to the Terra Classic development group, Binance has no part in the deal other than an initial introduction.
Read Also: Binance Reduces LUNC Burn Tax from 1.2% to 0.2% to Support Newly Passed Terra Classic Proposal
Terra Rebels tweeted, “For some clarification. At no time did binance play any role beyond an initial introduction in the support deal between Terra Rebels and Neblio. Binance at no time supported, backed, endorsed, brokered or played any other role in the support deal between Terra Rebels and Neblio.”
For some clarification.
At no time did binance play any role beyond an initial introduction in the support deal between Terra Rebels and Neblio. Binance at no time supported, backed, endorsed, brokered or played any other role in the support deal between Terra Rebels and Neblio.
— Terra Rebels (@TerraRebels) October 25, 2022
Another Luna Classic influencer, known on Twitter as Classy, corroborated the clarification by stating that Binance did not endorse or create the deal between Neblio and Terra Rebels.
He said, “It’s important to state that they INTRODUCED TR to the other party. MISINFORMATION is getting TR in trouble with Binance. Let’s say the correct thing!”
ANNOUNCEMENT 🔥 : #Binance did NOT endorse/create the Neblio x @TerraRebels deal.
It's important to state that they INTRODUCED TR to the other party. MISINFORMATION is getting TR in trouble with Binance. Let's say the correct thing!
VERY IMPORTANT! RETWEET TO SPREAD THE WORD pic.twitter.com/XPuysu9NcI
— Classy 👾 (@ClassyCrypto_) October 25, 2022
The deal between Terra Rebels and Neblio was officially announced on the 10th of October. According to the report, Neblio will serve as an official sponsor of Terra Rebels on behalf of the Terra Classic community.
The announcement reads as follows:
“TerraRebels is proud to announce that @NeblioTeam has become our Official Supporter, providing infrastructure, financial & advisory support to help us deliver on our core mission to maintain the Terra Classic blockchain on behalf of the #TerraClassicCommunity #LUNC.”
In a separate tweet, Neblio also said:
“Neblio is proud to announce to have become Official Supporter of #TerraClassic and the #LUNC Community through @TerraRebels by providing infrastructure, financial & advisory support to revitalise the Terra Classic ecosystem.”
Why the Terra Classic Community Worries
According to the leaked confidential agreement, Neblio will fund Terra Rebels in two tranches. It will release the first tranche once the deal passes the group’s governance vote. This will be used for building projects on the Terra Classic blockchain.
Once the projects are completed to Neblio’s satisfaction, the second tranche will be released in exchange for promotion by the Terra Rebels.
Although the deal sounds positive and promises to turn things around for Terra Classic (LUNC), some community members are being skeptical due to the lack of transparency regarding the details of the deal.
Read Also: Terra Classic Core Developer States Procedure for the Proposed Grants Program for LUNC Revival
A pseudonymous Terra Classic enthusiast, DemonMonkey777, who called the attention of the community to the undisclosed agreement, wrote:
“Really make sure to read every word on these LUNC COMMUNITY! ESPECIALLY the last part on page 1 restrictions on page two 2-4! Read it and read it again. So neblio pays TR to control the keys to the chain and the rest of the money can be used for whatever they choose?Not on lunc?”
Really make sure to read every word on these #LUNC COMMUNITY! ESPECIALLY the last part on page 1 restrictions on page two 2-4! Read it and read it again. So neblio pays TR to control the keys to the chain and the rest of the money can be used for whatever they choose?Not on lunc? pic.twitter.com/BXo0f4aPpR
— DemonMonkey777 (@DemonMonkey777) October 16, 2022
Another community member who reacted to the leaked agreement said:
“TERRA REBELS: THEY THINK WE GONNA MAKE THEM ALL MILLIONAIRES LETS ACT LIKE WE CARE ABOUT THE PEOPLE SO MUCH THAT LOST EVERYTHING JUST SO WE CAN FILL OUR ON POCKETS WE EVEN HELP @stablekwon PUMP 8 BILLION INTO LUNA 2.0 AND THAT MONEY JUST DISAPPEARED LOL LUNC WILL NEVER HIT $1.”
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