Whale has won cryptocurrencies and may have blocked millions by the community itself

Whale has won cryptocurrencies and may have blocked millions by the community itself

A whale that won free cryptocurrency after a distribution could have its millions blocked by the community itself, which is holding a vote to fix this problem.

In the cryptocurrency market, the practice of earning cryptocurrencies is common and can mainly be done with newly created tokens and coins that distribute part of the circulating supply of the currency among the first supporters. This allows you to earn free money in some cases.which can reach millions over time.

In the case of the JunoNetwork project, a call has been made turn ofmeaning that only those who have the Cosmos Hub (ATOM) cryptocurrency are eligible to win the JUNO coin, which in practice is an airdrop with defined rules.

And the distribution ratio was 1:1, so a wallet with 1 ATOM would earn 1 JUNO. But in distribution, a situation that eventually created a JUNO super whale went unnoticed. By whale we mean a wallet that has a lot of coins together, and their movements can shake the market.

Since the project is intended to be decentralized and community-driven, seeing a whale in the net did not please many JUNO holders, who lobbied to block the whale’s funds.

Open Voice To Hunt And Block Million Dollar Whale Earned Cryptocurrencies

When JUNO’s stakedrop was executed months ago, each wallet could earn up to 50k cryptocurrencies. However, after distribution to wallets and listing of the coin with a broker, 1 address concentrated 3.1 million in JUNO, drawing attention to an individual or group allegedly violating distribution rules.

The identity behind the fortune eventually denied breaking the rules and positioned itself as a group of investors who set up a fund to develop and support the JUNO coin. This calmed the mint community, which forgot about the whale in the following months.

It is worth mentioning that it’s okay to have multiple wallets and in airdrops it is common for people to try to get as many rewards as possible. That is, even if it were just one person behind the various addresses, it would not be the first case in the cryptocurrency market.

Anyway, the JUNO community finally judged the whale after discovering that it sold thousands of coins in the market every day. In other words, the whale “dumps” the cryptocurrency price according to the other members, even though these sales are profit from the address bet.

The community observes the practice and fears that this high-coin network address will lead in new directions of project management, and has submitted the infamous Proposition 16 in recent days.

This proposal asks all JUNO token holders to vote on whether the address should have locked down thousands of their coins and left with just 50,000 cryptocurrencies, as the original deal would have been.

Whale could lose millions of dollars on Tuesday (15)

The address of JUNO’s whale wallet is “juno1aeh8gqu9wr4u8ev6edlgfq03rcy6v5twfn0ja8”, which holds 3.12 million of the coin, or R$610 million, this Saturday (12). JUNO’s capitalization is 8.8 billion reais, demonstrating the whale’s significant influence in the case.

The vote to block millions from the whale started last Thursday (10th) and is supposed to take place until the 15th, that is, next Tuesday the owner of the address will know if he is still wealthy or if the community will cut his coins.

As of this Saturday, 70% of the community had voted YES, meaning the whale’s coins should be blocked.

It is worth noting that it is common for brokers, banks and governments, whether as a result of investigations or fraud, to block user resources, but the community itself seeking to grab funds from a wallet, through voting, is something new in the cryptocurrency sector

Source: Live Coins