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The Juno blockchain community has officially voted to take back with authority its tokens of millions of dollars from a wallet belonging to a single user. This decision came after the implications for the decentralized governance protocol.
In March, a governance proposal was much talked about as it gained a majority of community voting on Juno blockchain to drain the wallet of that user. Still, the vote basically amounted to being an unofficially conducted ballot. It was a way to measure the community settlement even without touching any funds. A new vote this week has officially revoked the tokens of the users.
The user holding JUNO in question, who’s dubbed as ‘whale’ due to the massive quantity of tokens he took away, has stood as accused of gaming an airdrop of JUNO tokens to claim more tokens than he actually deserves through rightful allotment. The holder has revealed himself as a 24-year-old man from Japan named Takumi Asano and said that the funds belonged to a whole community of individuals who invested along with him.
Since the original ‘Proposal 16’ passed back in March, the ongoing drama in the Juno ecosystem has intensified more. In a short span of a few weeks, a smart contract attack from an unknown origin has thrown the Juno blockchain offline, and it remained as it was for several days. The price of the JUNO token has been reduced by over 60%, and the user Asano made appeals again and again to the community that it holds back his tokens from revoking.
However, the accuracy of the truth of Asano’s claims appeared to have been falling on deaf ears. Juno Proposal 20 was passed on Friday along with more than 72% voting to at least revoke 50,000 JUNO tokens of Asano. This passage resulted in the proposal that will automatically upgrade the blockchain of Juno to move the funds that were revoked into a smart contract controlled by the community. It was here where the community of Juno blockchain was able to manage to vote on what to do with the tokens.
After the votes got passed on Friday, Asano explained that he might consider going for legal action, which would depend on what the community would do next.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
