Validator Wars: New LUNA validators alleged to have engaged in unethical conduct

June 13, 2022

luna 2

Validator Wars: New LUNA validators alleged to have engaged in unethical conduct

Without notifying their delegators, the LUNA validators PFC, Lavender.Five, and Red Herring sought out new validators to increase the commission rates from 0% to 20%. After getting the 2.5M LUNA genesis delegator attribution, developer Larry from Delphi Digital claims that LUNA validators may earn up to $192k per year. KingSuper and Autism Staking were pointed out by Red Herring as two examples of recent commission increases that were validated.

Along with the validators raising commission without telling their communities, Red Herring also exposed three other validators for unethical conduct: “Luna Whale, Lunatic Validator, and Long Live Luna.” Red Herring examined the configuration of each of the three validators in depth and identified certain patterns. Red Herring next examined the on-chain information for each validator’s wallet. After collecting the tokens, each wallet moved its commissions to the same wallet, “terra1hm4w,” and finally onto a last wallet, “terra1kl6e.” These validators currently hold LUNA that has no vesting timeline. The validators have set up several validators by utilising the genesis distribution of LUNA tokens.

In response to the accusations, King Super said that it “seriously opposed the 0% commission argument and intended to start the chain with non-0% floor commission, so that there are no commission battles.” Also according to King Super, “only set to 0% to compete with other 0% validators.” King Super responded to CryptoSlate’s request for a comment by saying, “I validate other Cosmos networks and Terra was re-launching so I figured I would attempt to provide some worth there too.”What value King Super has added is yet unknown. After significant backlash, he said, “Perhaps I shouldn’t have raised it to 20%, but one thing was clear: After the recent LUNA crash, we were unable to operate our validator at 0%, and it had to be increased.”

Read more: Ukraine is the third non-EU country to join the European Blockchain Partnership.

Exclusively hand curated news, written precisely in short by our editors for a 60 seconds read! We understand that reading multiple news from various resources could be monotonous, time consuming and less interesting. At Dcryptonews, you will experience a new style of reading news with smart keyword, ease of language that is easy to read for a quick news grasp.