DeFi News Today TheBitTimes.com

Proposal 11600 “ Terra Allies ‘Six Samurai’ Senior Engineering Team (L1/L2 Q3 Bid & Proposal)” received 57% “No with veto” and 36% “No” votes. The proposal only received 7% “Yes” votes. The proposal has completely failed to gain support from validators and other developers. Popular validators such as Happy Catty Crypto, Classy’s Sphere, Lunanauts, JESUSisLORD, StakeBin, and others rejected the proposal. advertisement The community cited valid reasons to reject the Six Samurai team co-led by developer Bilbo Baggins and Solid Snake . The reasons include a lack of transparency on developers and their abilities, trust in the existing Joint L1 Task Force developer team, and bad actors in the team. The major reason is the lack of funds in the community pool to approve all current proposals. Also Read: Terra Luna Classic (LUNC) Under Review By Hong Kong Virtual Asset Consortium Terra Allies ...

Terraform Labs is the founder of US Dollar Terra (UST), an algorithmic stablecoin that lost its peg in May 2022. Albright Capital has dropped its lawsuit against Terraform Labs and its founder Do Kwon, according to a Notice of Voluntary Dismissal filed in U.S. District Court on January 9. Before its dismissal, the lawsuit had alleged that the company had violated the Racketeer Influenced and Corrupt Organizations Act (“RICO”) by operating the stablecoin, UST, as a “Ponzi scheme.” Three Arrows Capital (3AC) Co-Founder Su Zhu posted the dismissal to Twitter, saying: Curious how long it will take cryptonative media to report on this sudden voluntary dismissal of class action against Luna foundation and Luna investors pic.twitter.com/8SyMhB4u4g — Zhu Su (@zhusu) January 10, 2023 Su Zhu had previously claimed that the bankruptcy of 3AC was partially caused by UST’s collapse. The lawsuit was dismissed “without prejudice,” meaning that the plaintiff has the option to refile it in t...