/biz/ - Business & Finance

>>54689513
Luna Classic Saga (4/4)

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As a separate investigation into SBF and his role in the fall of FTX continued, the courts put more pressure on him to collect the customer funds back. This resulted in SBF converting wallets into BTC to create a bull trap as exit liquidity. This threatened the entire market, but more specifically Do Kwon as it was revealed SBF held a huge pre-crash bag of LUNC and was airdropped TUNA as well. The bag was no threat to LUNC since the quantum mint, but could cause the death spiral of TUNA.

Insider information revealed that to ensure the existence of TUNA, Do Kwon needed the merge to go through to redistribute the liquidity of LUNC. In the mean time the development of LUNC and its compatibility with TUNA was sent into overdrive. The code monkeys of LUNC could no longer just protest for better wages and a more inclusive work environment as the pressure was just beginning for them to get to work on their welfare equipment.

Meanwhile time ran out as the authorities arrested Do Kwon and found millions on a Trezor stick shoved up his ass. This left the L1 team with nothing but empty promises and hordes of jeets to answer to. The infighting left LUNC with only 2 junior devs and a Canadian supervisor since most of the members ran away to the Cayman Islands to hide from the IRS and SEC. The L1 team was trying to operate through a nonprofit to set up a merge back with TFL. With the nonprofit dissolved there was no hope or direction as the price pummeled as a year with no development and discord drama that alienated serious investor took effect. Smaller CEXs and DEXs started to delist LUNC as its governance was unstable and too decentralized to predict. Whales were also skeptical of development capabilities and legal liability of holding LUNC. This was just the beginning of the foretold Great Shakeout.