last week, cosmos based platform Juno Network came to the fore with a controversial decision.
Although it is not a large-scale or well-known project, Juno has been on the agenda of the crypto money market with the latest developments.
In the proposal number 16 presented by the project, altcoin It involved taking the coins in the hands of an investor and giving them to the community or burning them.
The 3,103,947 Junos held by the account, a whale investor (about $117 million at the time of this writing), would be given back to the community. As we explained earlier, the reason why the whale wanted to buy altcoins was that this whale cheated while distributing Juno tokens.
What Happened?
Under normal conditions, each account can receive a maximum of 50,000 tokens from the cryptocurrency distributed as stakedrop, while this whale account received 2.5 million. Since each token in the DeFi ecosystem also brings with it voting power, the altcoin community has argued that this whale is both cheating and thus has great power in the altcoin’s ecosystem.
The Voting on the Purchase of Juno Tokens in the Hands of the Altcoin Passed with 40.85 Percent
For this reason, in the vote opened by the Juno community, it was decided to take the crypto money in the hands of the whale. However, it should be noted that both sides were close to each other in the voting.
In addition, the Juno whale in question, who appeared before the vote, promised in a now-deleted Medium post that if the proposal was rejected by the community, they would distribute their coins to users in a way that would not affect the market.
With the Juno community’s decision to confiscate the whale’s cryptocurrencies, the whale has no way of keeping its word.
With the passing of the vote, the Juno dev team will confiscate the vast majority of the whale’s tokens. The 3.1 million Junos in the whale’s wallet will be reduced to 50,000. How this will be done is not yet clear. It is possible that the DAO will fork and set a new balance for the whale address.
*Not investment advice.