Wednesday, December 6, 2023

Juno Blockchain Community Voted To Revoke Whale Tokens

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The Juno blockchain community voted to revoke the whale tokens and Takumi Asano said he could pursue legal action against the validators unless the confiscated funds are returned to the investors so let’s read more today in our latest blockchain news.

The June blockchain community voted to confiscate millions of dollars worth of tokens from a user’s wallet. The governance proposal in March gained a plurality of Juno’s community voting to drain the users’ wallets but the vote amounted to a new straw poll which is a new way to gauge community sentiment without having to touch any funds. This week a new vote revoked the users’ tokens. The JUNO holder in question was dubbed a whale due to the huge quantity of tokens and stood accused of gaming a JUNO airdrop to claim even more tokens than his rightful allotment the holder revealed himself to be a 24-year old Japanese national named Takumi Asano who said the funds belonged to a community of individuals who invest with him.


The original “Proposal 16” passed in March, the drama in the Juno ecosystem enhanced and in a few short weeks, the smart contract attack of the unknown origin threw the blockchain offline for several days and the JUNO Token price was chased by over 60% and Asano made more appeals to the community that it refrain from revoking the tokens. In what seems to be a last attempt to save the funds, Asano claimed that some of Juno’s lead developers were selling off large quantities of the JUNO tokens under the community’s nose, and according to Asano and I was the sell-offs that led to JUNO’s drop in price which means the developers were the real threat to the Juno community.

Whatever the veracity of Asano’s claims they seem to have fallen into the water and the Juno Proposal 20 passed on Friday with over 72% voting to revoke all but 50,000 of the JUNO tokens. As a result of the passage, the proposal will upgrade Juno’s blockchain to move the revoked funds into the community-controlled smart contract and the Juno community will be able to vote on what to do with the tokens next. He wrote:

“If this lock is based on the assumption that the asset will be returned to our clients, we do not intend to do any legal action. On the other hand, if it is based on the premise of a [b]urn or permanent lock, we are considering taking legal action against each validator.”

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