In a yet another X’s Space discussion, Terraform Labs CEO Chris Amani further elaborated upon the handling of TFL and LFG fund. Key insights were shared, focusing on transparency, process timelines, and community involvement. Here are the essential updates:
Wallet Transparency and Burning Process
The meeting commenced with a clear intent to address the community’s concerns swiftly. One of the primary questions was whether Terraform Labs (TFL) would assist in identifying and burning LUNC and USTC tokens still held in various wallets. The response was reassuring: TFL is committed to burning these tokens to avoid any uncertainty regarding the destruction of keys. This process aims to ensure that the tokens are effectively removed from circulation, and transparency is maintained through shared addresses that track the burning process.
Estimated Time Frame
The community's significant concern about the time frame for completing this process was addressed. The conservative estimate provided was a few months, though efforts will be made to expedite the process to alleviate any lingering concerns about the tokens' status.
Clarification on LFG and TFL Wallets
There was a need to clarify control over the Luna Foundation Guard (LFG) assets and the associated wallet lists. It was explained that while TFL controls some keys on behalf of LFG, it cannot make independent decisions about these assets. LFG's decisions are autonomous, and any actions taken will comply with legal directives.
Insights on LFG Assets
Chris provided detailed insights into LFG's assets, noting that they are primarily concentrated in two addresses holding BTC, BNB and AVAX. This clarification helps the community understand the current status and distribution of these assets.
Community-Driven Wallet Management
In response to a suggestion about blacklisting and burning wallets if TFL could not do it, Chris expressed support for community-led initiatives. The community was encouraged to manage their chain and wallets as they see fit, underscoring the decentralized and collaborative approach. The words from Chris were crystal clear: “It’s your guys chains so you guys should do whatever you want with those wallets!”
Conclusion
This follow-up discussion underscores the ongoing commitment to transparency, community involvement, and proper handling of Luna Classic and associated tokens. The measures being taken, including burning tokens and sharing wallet information, aim to prevent misuse and ensure compliance with legal restrictions. The Luna community’s proactive role in this process highlights the decentralized spirit of the ecosystem.
As the process unfolds, more updates will be shared, ensuring that the community remains informed and engaged. Stay tuned for further developments on this critical issue.