To make a long story short, Luna was rechristened through a hard fork this week, creating Terra (v2) and I believe a UST token as well. The airdrop was announced and exchanges were instructed how to distribute the tokens to holders of the original failed coin. A 1:1 token airdrop distribution was announced and many exchanges directed on how this was to be done, at which block height the snapshot was taken and so forth.
Kucoin withheld the airdrop and instead of delivering a 1:1 airdrop (as it was announced by the whitepaper), published two separate posts about how they would go about distributing the token. They wrote the new tokens would be airdropped incrementally and at a vastly different ratio - 1:0.00001? Or less? I couldn't be bothered to determine what the rate was, as it was an atrociously insulting amount for holders of the original.
Kucoin airdropped the miniscule amounts -- in my case, I was supposed to recieve 86k of the new Terra. Instead I received 0.3 approximately, or $2.60 at the time earlier today.
Lastly, they said in an addendum post that the remainder would be airdropped starting at the end of December 2022 and through 2023. This second post seemed like a robber who returned to the scene of the crime to put some roses in a vase to make the scene look more presentable.
The new token was traded at $17 and now hovers around $4 per token.
I have heard from other users that they also received insulting amounts, erstwhile Kucoin tranches can be observed moving the stolen funds into limit orders on the trade books. Millionares were not made today because Kucoin absconded with their airdrop tokens.
To sum up, today a major crypto exchange (centralized) took off with probably over $1+ billion dollars or more in tokens that were never delivered and probably will not be airdropped.
And that pretty much highlights the state of crypto at large.
Centralization, rampant greed, atrocious criminality is rife, steaming the fringes with the heat of hell.
Some are rightfully outraged by the crypto billionaires(Do Kwon) who run operations like Terra (v2) and the former.
It paints a clear picture: until Centralized exchanges evaporate and true egalitarianism takes a massive foothold, the Wild West will bring in a fantastically huge number of casualties, those well informed and the naive together.
Already we can hear the wind of change whistling the demise of Kucoin, Coinbase and others, their princes and kings as their banner flags of sleaze and gargantuan greed. With the NFT scene, something similiar occurred on Magic Eden, the naive took note: and the NFT hype-euphoria died completely.
The end of groups that pose as decentralized blockchains while operating plain-and-simple ponzis is also coming to an end. Those 'blockchains' that are anything but.
The true blockchain records build a framework for prosecution, sanctioning and blacklisting that will trail endlessly after the unfaithful and indolent crypto princes and kings.
Eventually, attempts to conceal and 'flee away' will unravel as the pivotal portion of the word blockchain catches up to them: "chain". What is the chain but the irrevocable transition from 'rule of law' order traditions (a lie)?
Time has brought us the blockchain and it won't go away, kind of like Chrissy Tegan's tweets.
The discordant, pitiless-through-greed are repaid their dues: by the reflecting copy image of their acts, transactions which will haunt, torment and destroy the structures that have made the rule of force and strength so strong in days past.