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LUNA Airdrop: Traders complain about a flaw in the process

Quick guide on where to buy LUNA 2.0 crypto
TL;DR Breakdown
  • Traders complain about anomalies in the LUNA airdrop
  • Traders got fewer tokens than they held before the airdrop
  • Terra promises to rectify the issues

The LUNA airdrop has encountered a slight issue after users complained about the total amount of tokens that the developers sent to their wallets. The developers of the token have been carrying out the airdrop as a means to cushion the effect of the crash on traders. LUNA (which has since been renamed LUNA Classic) encountered a slight issue in its algorithm, causing the token to shed as high as 90% off its previous value.

LUNA Airdrop recipients got a lesser amount of tokens

Exchanges have been pulling their weight behind Terra to ensure that the LUNA airdrop is carried out successfully. However, the distribution has encountered a flaw that Terra itself has now noticed. According to several users across social media, the company has been sending them a small amount of the new tokens compared to the amount of the old tokens that they held.

One such person is a Twitter user who claimed to have gotten only $59 worth of the new tokens despite holding about $300,000 of the old token. However, the company has come out to inform traders that the airdrop might not send out the correct amount of tokens in the ongoing LUNA airdrop. According to a statement culled off Twitter, the firm said that they are sorry about the turn of events and would be working on it in earnest to rectify the issues as soon as possible.

Terra promises to look into the issue

As a result of the issues, most of the holders of the old token now have a lesser amount of the new tokens in their wallets. Another user took to Twitter to lament the turn of the events. According to the user, he owned more than $50,000 worth of the old token while only receiving $112 of the new token in the LUNA airdrop. The company noted that its engineers are on the issue and a further statement to clarify what happened will be released in earnest.

This recent update is coming off the back of investigations showing that the issue that befell the original LUNA token was a result of several large-scale players in the market. In other news, South Korean regulators have also launched a full investigation into all the employees of the company to fish out the truth about the incident involving the company’s project. The new LUNA token has been performing well in the market after it shed off more than 80% of its value to later see a surge of around 75%.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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