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Zaradar alleges that the Terra Classic (LUNC) market is under manipulation by a single entity, possibly with help from Binance and KuCoin.
In a stunning revelation, Tobias “Zaradar” Andersen, a prominent Terra Classic (LUNC) community member and former Layer-1 Task Force developer, has raised serious allegations regarding the LUNC market.
Zaradar boldly alleged that the market is manipulated by a single actor, possibly with the assistance of major cryptocurrency exchanges such as KuCoin and Binance. The developer further insinuated that LUNC is heading to 0.
He remarked: “Maybe the question LUNC should be asking itself, is not wen 1, but rather wen 0 […] 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.”
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
LUNC Market Manipulated
Zaradar’s accusations came to light during a discussion within the LUNC community. The developer firmly believes that a solitary entity is rigging the market. He suggested this actor could be operating in collaboration with influential exchanges.
While some community members challenged Zaradar’s claims, he defended his position. Zaradar also insinuated that such practices were not entirely surprising, given the past questionable actions of some exchanges.
In response to requests for evidence to substantiate the allegations, Zaradar highlighted the difficulty in proving intricate market manipulations. However, he particularly made a striking statement about Binance Chief Changpeng “CZ” Zhao and Justin Sun, the founder of Tron.
Zaradar called attention to when CZ warned Justin Sun to refrain from bringing significant amounts of USD to Binance for trading purposes. Recall that the Binance CEO had warned Sun and other whales against misusing the SUI airdrop in May.
Zaradar implied that such advice indicated prior occurrences of large-scale capital movements, raising questions about the frequency and timing of such actions.
Recall that the former L1JTF developer made similar claims last month. Following an impressive 36% surge in LUNC’s price, Zaradar claimed the rally resulted from a pump-and-dump scheme. Notably, LUNC dropped 16% after the rally.
Zaradar Proposes New Chain
Amidst the latest heated debate, Canadian professional football player Nicolas Boulay emphasized that mass user adoption could resolve some market issues.
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
Boulay stressed that the value of any cryptocurrency lies in its use case and proposed making LUNC a globally adopted currency owned and governed by the people, which would diminish concerns about price fluctuations.
Unfazed by the debate, Zaradar appeared disillusioned with the current state of LUNC, suggesting that it might be more profitable to start afresh.“By this point why bother? It’s more profitable for us to just build a new chain,” he responded to Boulay.
The developer’s proposition for creating a new chain remains ambiguous, leaving room for speculation on whether it is intended as a jest or a serious proposal. Nevertheless, he persistently maintains that this alternative is the most viable choice under the current circumstances.