Cryptocurrency: JUNO’s Whale Net – $35 Million Seized

He uses a protocol in his wallet – Juno is a blockchain ecosystem Cosmos. In March 2021, the protocol distributed its governance token via airdrop to ATOM token holders. However, the wallet was able to exploit a flaw in the token distribution, a situation that did not satisfy the community.

Portfolio Exceeds Distribution Restrictions

Like many protocols, Juno he have Judgment symbol titled JUNO. This was distributed to users who stored their ATOM tokens in March 2021.

In order for this distribution to be the most fair, Juno has implemented several restrictions. Thus, validators associated with trading platforms as well as users who authorized their ATOM tokens were excluded. Furthermore, a protection against whales It has been set, identifying a A maximum of 50,000 JUNO distributed.

Some time after distribution, some community members have successfully selected a title Bypass this protection against whales. To do this, it splits its ATOM stakes over several addresses. Later, all the obtained JUNOs were collected in one title.

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The beginning of the war of power

Following this discovery, a proposal was submitted in October 2021 to the Juneau government. This aims to either blacklist or remove the title 90% of JUNOs you own.

“I am proposing that we blacklist/remove 90% of Junos from this account. This action is not taken seriously. By the time this proposal passes, they will not be able to revoke their authorization in time to prevent a governance decision. »

But this proposal was unsuccessful, with “against” receiving 56% of the vote. But the community has not said its last word.

try to talk

The discussions then continued until March 2022, when the entity in question expressed itself on GitHub. Thus, CNN presents itself as a service that manages money on behalf of users. Therefore, the tokens obtained do not actually belong to them and are the property of their clients. However, CNN is actually an exchange platform, so What should have qualified for airdrop.

An explanation that will not convince the community, because a second proposal has been posted via the Governance Unit. He suggested reducing the number of JUNOs held by this title to 50,000 JUNOs, as it should have been thanks to protection against whales.

By voting yes to this proposal, you agree to reduce the whale address to 50K. »

This proposal quickly met with great success and was approved by the referee with a score of 40% “to” 33% “against”.

In front of this situation, CNN tried to appeal. Thus, the entity submitted a new proposal to the Governance Unit to defend its case. This proposal aims to divide the tokens into two parts:

  • 50% goes to CNN clients;
  • 50% goes to the community, deposited under a smart contract and distributed through protocol governance.

However, this appeal was unsuccessful due to The vast majority of voters voted against. An unsurprising situation, as CNN tried to use its controversial symbols to vote in favor of her proposal. An attempt very poorly received by society.

CNN’s first attempt failed.

CNN does not admit defeat

However, CNN did not say its last word and attempted a new round of strength. This time, the company offered distribution to its customers by relying on a third party to verify the identity of the customers.

“CNN is currently studying the possibility of bringing in auditors who can confirm that JUNO distributions are paid only to valid CNN clients, who are real people, who have complete control over their wallets, and who receive the appropriate amount based on their investment.”

Once again, Juno Governance voted overwhelmingly against this proposal, leaving CNN no recourse.

Finally, one last A community vote was submitted to correct the number of JUNOs held by CNN to 50,000 JUNOs. This was the last suggestion 71% are adopted by the community.

As we can see, decentralized governance is not always easy. Recently, the Beanstalk Protocol suffered, and lost $182 million in an attack on its corporate governance unit.

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