Luna still not shining

The team behind last month’s infamous Luna crypto crash Terra Money, have angered investors, yet again.

Do Kwon, CEO and co-founder of Terra, announced the launch of a Version 2 of their Luna token called LUNA2.0 that, unlike its previous version, would not be linked to the current Terra Blockchain. 

Terra announced that they would create a slow “airdrop” of its version two coin LUNA2.0  to every wallet that had owned the version one token LUNC.

The airdrop was an attempt to compensate investors who suffered huge losses after the token plummeted 99.9% last month, causing the entire crypto market to crash

While a great idea in theory, the attempted compensation didn’t go as smoothly as planned, further angering investors who took to Twitter to air their frustrations.

The majority of complaints from investors are that they have been inadequately compensated for their losses, or they received fewer tokens in the airdrop than promised, with one Twitter user describing it as rubbing “salt in the wound”.

Another unanticipated issue was that some investors were not able to access the airdrop. This happened because many major exchanges delisted Luna after the crash in May.

Many of the original buyers of LUNC, who were fully entitled to compensation were not able to access the airdrop because the wallet addresses belong to the exchange and not to them.

This once again highlights the importance of self custody. Investors who had their own crypto wallets were able to receive the airdrop.

Several exchanges have announced that they are making the necessary arrangements for the users entitled to LUNA2.0 to receive their tokens.

Elbaite supports self custody, when you trade with Elbaite you can use any type of wallet you like and with our unique wallet-to-wallet trading system, you are in complete control of your crypto at all times.

Elbaite is the cryptocurrency exchange designed for Australian traders seeking safety, security and simplicity. Make an account today to start your crypto investment journey!

Disclaimer: The information on this website is purely for information. Elbaite is not a financial adviser, and nothing stated here is to be taken as financial advice. You should seek independent legal, financial, taxation or other advice relevant to your financial situation before making any investment decisions.

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