Published: 30.04.2022
Article reading time:
2 minutes.
The Juno blockchain community has voted to deprive one of the members of ownership of 2.5 million tokens they believe they received illegally through a controlled airdrop.
The developers of the Juno project announced a “stakedrop” (as they called their airdrop) and announced that they would distribute JUNO tokens to all ATOM holders in a 1: 1 ratio. At the same time, a limit of 50,000 JUNO tokens will be set for each wallet, even if it contains millions of ATOM.
What they didn’t take into account, however, is that investors can hold ATOM tokens in different wallets and technically get 50,000 JUNO in each of those wallets. That is exactly what happened. The ATOM whale had 50 wallets, each of which received 50,000 JUNO tokens.
At first, no one noticed this, since all crypto wallets are anonymous. The community only became concerned when the whale began to accumulate 2.5 million JUNO tokens in one address. The whale turned out to be Japanese investor Takumi Asano, head of CCN.
He claimed that he acted legally and that the ATOM tokens he had belonged to the investors. However, Juno’s node validators voted in favor of Proposition 16, which accused Asano of cheating the system and called for the whale’s account’s entire wallet balance to be withdrawn.
The community later amended the earlier decision and voted in favor of Proposition 20 to withdraw all but the 50,000 JUNO tokens that Asano was entitled to under the “stakedrop” terms. Keith stated that if the tokens are not returned to his investors, he will sue the node validators.
The conflict of interest between the Juno community and one of the pillars of the project has not attracted much media attention, although its consequences may have an impact on the management of blockchain networks in general. This is the first time in history that voting in a blockchain governance system has been used to change a user’s balance.
Recall that in early April, the Juno blockchain suspended its work as a result of a failure that was caused by an alleged cyber attack.
Source: Bits
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