Terra Classic Developers Squabble Over Millions In Off-Chain Assets

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Terra Classic developers exchange words as differences come to the fore over how the community should handle off-chain assets.

Members of independent Terra Classic development groups threw jabs at each other in a Twitter thread yesterday as debates over the management of newly discovered millions in off-chain funds reach a fever pitch.

It comes as an unknown community member with the alias Rabbi Jebediah Aaron-David Shekelstein made a governance proposal that effectively allocates over 40% of the fund to the Terra Rebels. In addition, the proposal also seeks to exclude former Terra Rebels Quantitative analyst Alex Forshaw from future governance in exchange for a 1% finders fee.

In response to the proposal, Rex Harrison, AKA Rexzy of the TerraCVita, asserted that he would be voting against the governance proposal describing it as “racist, elitist, and exclusive.” Additionally, he agreed with a sentiment from Forshaw that even if the proposal planned to compensate the rebels for their past work, many of the key contributors were no longer part of the group.

It’s a no vote for me.
It is racist, elitist, and exclusive.
To outcast a community member is disturbing. How can a group say they are community focused and exclude the community members.

Sadly as @4lex_4sh4w points this TR is not the one that was.https://t.co/J0pHcUsd3q https://t.co/gyEo0popev pic.twitter.com/0yZDgQHGxJ

— Rexyz (@RexYellerBelly) November 23, 2022

Notably, Rexzy’s comments attracted strong criticism from senior Terra Rebels member Vegas. The Terra Rebel asserting that the rebels had nothing to do with the proposal, urged the TerraCVita member to keep the rebels out of it.

Can you please , stop connecting everything that you don’t like to TR. that is kind of sad.

— Vegas (@VegasMorph) November 24, 2022

The exchange devolved into a war of words between Rexzy, Vegas, Forshaw, and Tobias Andersen, AKA Zaradar, culminating in Zaradar accusing Rexzy of having a penchant for stealing people’s work. 

It is not presently clear where the community stands on the controversial proposal. However, community influencer Classy has asserted that his validator will be voting against it, saying, “You can’t exclude people from governance on LUNC.”

It bears mentioning that the handling of the off-chain assets has been the subject of several debates this month. While Forshaw, who discovered the wallet in his interactions with Terraform Labs, Do Kwon believes that the community should keep part of it in a multisig wallet to fund development, Vegas thinks the network should send it to the community pool. 

While initially valued at about $4 million, the off-chain assets are now worth only about $2.5 million, per Etherscan data, as crypto prices plummeted in the wake of contagion fears from the FTX collapse.

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