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Terra Classic Developers in Fresh Dispute Over Off-Chain Assets Worth Millions of Dollars: Details

Once again, developers and key members in the Terra Classic community have been caught in heated arguments over the millions of dollars in non-Terra assets, held in an Ethereum multisig wallet.

This recent battle of words involved some key members of the Terra Rebels and TerraCVita independent groups. Notably, a proposal published a couple of days ago by Rabbi Jebediah Aaron-David Shekelstein incited this verbal war in the Terra Classic community. 

In the proposal, the author and other co-signers made nine recommendations where some turned out to be controversial. The first proposition noted that 35% of all the funds in the multisig wallet be used to purchase LUNC, and then channeled to the community pool. 

The second point suggested that 30% of the wallet’s valuation be paid out as fiat to the Terra Rebels group, as compensation for their contributions toward the revitalization of the embattled LUNC. 

Altogether, the proposal took time to suggest ways to handle the funds for the overall benefit of the LUNC community but it sidelined a known member of the Terra Classic community, Alex Forshaw, an ex-Quant Team leader in the independent Terra Rebels group. 

Rabbi Jebediah wrote that 1% of the total amount in the Ethereum multisig wallet belonging to the LUNC community be paid as fiat to Alexander Forshaw. The proposal termed this payment to Forshaw as a “finder’s fee for his work in pursuing these funds and negotiating their release from Mr. Do Kwon.” 

But he added that “Mr. Forshaw will not again involve himself in governance-making or proposal-writing for LUNC (he does remain free to voice his opinions as a private individual, and use his personal reserves of LUNC/USTC to vote on proposals as he sees fit). Mr. Forshaw will not again involve himself in governance-making or proposal-writing for LUNC.”

Read Also: This Controversial Terra Classic Proposal Gets Approved with Less Than 30% of Validators Voting

Community Members Reactions 

This part of the proposal gave rise to several barb comments from devs in the Terra Classic community. Rex Harrison stated, “it’s a no vote for me. It is racist, elitist, and exclusive. To outcast a community member is disturbing. How can a group say they are community focused and exclude the community members? Sadly as Alex Forshaw points out, this Terra Rebel is not the one that was.”

In response, Vegas, a Terra Rebels member stated, “Can you please, stop connecting everything that you don’t like to Terra Rebels? That is kind of sad.” Tobias Andersen AKA Zaradar who also reacted to a follow-up tweet by Rex called him out for stealing the LUNC casino project and launching it as his. 

Read More: Terra Classic Community in Disarray Over the LUNC Casino Project Theft: Details

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Alex Forshaw and Rex Harrison, who are non-members of the Terra Rebel, believe that the proposal is a conspiracy by the Terra Rebel group to embezzle the majority of the funds. Forshaw said, “A Terra Rebels member proposed it, Tobias publicly endorsed it in the TR server, and the prop takes 97% of the money and puts it in TR’s pockets or under TR’s control.” 

The pseudonymous validator on the LUNC network, Classy Crypto, who has always advocated for unity in the Terra Classic community, noted that it is wrong to exclude people from community governance. He disclosed that his validator account will vote NO on proposal 10940. “Classy’s Crypto Sphere will say “NO” for now. You can’t exclude people from governance on LUNC,” he wrote.


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Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom joined the crypto and blockchain industry in late 2018. He is an all-rounded crypto journalist and content writer. At TimesTabloid, he covers the industry's latest news, developments, and other educational content. He is a graduate of Petroleum Engineering. ([email protected])
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