Cryptocurrency and altcoin An astonishing development took place in the world. Cosmos (ATOM) one of the cryptocurrencies in the ecosystem of Juno (JUNO) community has launched a vote to seize 90% of the assets held by a whale investor.
In the background, there is a rather complicated sequence of events. As it is known, in the Cosmos ecosystem, which uses the Proof of Stake mechanism, investors are rewarded with new altcoin airdrops from time to time. One of these airdrops was held for JUNO in February last year. The cryptocurrency, which was distributed free of charge to ATOM investors, subsequently experienced a large increase in price.
Altcoin Whale Unfairly Obtained 2.5 Million JUNO Tokens
During the airdrop at that time, up to 50,000 JUNO tokens were distributed to an investor in order to prevent ATOM whales from dominating the JUNO ecosystem. Other users were distributed as 1 JUNO per 1 ATOM.
However, after a while, it became clear that in October, an investor had obtained 50,000 JUNO tokens from each using 50 different accounts. In other words, a total of 2.5 million JUNOs had accumulated in the hands of this whale investor. Since this is both against the rules and a risky situation for JUNO, objections have been raised from the crypto community.
The whale, who later appeared and made a statement, claimed that he was not a person, but a fund in which many investors kept their tokens, and he wanted the well-being of the JUNO ecosystem. Following this statement, the vote initiated to take away the assets of the whale at that time resulted in rejection.
Community Takes Action When Whales Start Selling
However, the issue has come up again with the latest developments. Because the whale was slowly starting to sell its assets. Thereupon, JUNO developers made a statement and started a new vote to confiscate the assets in the hands of the whale.
Green=Yes, Red=No, Grey=Avoid
In the voting that will end on March 20, a picture in favor of confiscating the assets of the whale appears to be 68% in the current situation. The seized assets will be transferred to the JUNO community repository. With this, 50,000 JUNO tokens will be left in the whale’s account. The whale currently holds approximately $122 million worth of JUNO altcoins.
On the developments, the crypto money whale published a new statement. The statement included the following:
- We did not manipulate inside the JUNO airdrop.
- The JUNO tokens we hold are not held by one person, but by many customers.
- The problem in question was already resolved in the previous vote.
- The JUNO developer team forged some documents to verify their claims.
- We don’t want to destroy JUNO, we want to develop the JUNO community.
- The JUNO developer team also regularly sells their tokens.
- Is it possible to confiscate assets in the hands of a person if it will be in favor of the general public? In our opinion, absolutely not.
*Not investment advice