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Terra analyst and source of several whistleblower leaks, FatManTerra, has alleged that Mirror Protocol is a:
“farce designed to enrich Do Kwon/VCs while manipulating governance and screwing over retail.”
FatManTerra identified a wallet via Etherscan that deployed the Mirror Protocol yield farming smart contracts. The wallet created the smart contract 0xdb27, which FatManTerra alleges to be a part of the Terra wormhole infrastructure and a liquidity pool for Mirror Protocol.
The contract certainly appears to be acting as an LP pool for some protocol, but at this time, CryptoSlate can neither confirm nor deny that it belongs to Mirror Protocol.
FatManTerra highlights that this wallet:
“owned most of the Mirror LPs on Ethereum. They thus farmed most of the MIR rewards, which would allow them to have a disproportionate say in governance decisions.”
The wallet in question is listed as one of the top 20 MIR wallets, according to CoinMarketCap. The data matches with FatManTerra’s next accusation.
“I have found evidence that this wallet and related wallets try very hard to make it look like MIR governance is not majority-controlled by a single entity – they do so by splitting up MIR between several fresh anonymous wallets.”
The MIR held in the wallets identified in the Twitter thread is apparently all staked, giving them excessive voting power in the MIR governance when combined.
FatManTerra then identifies several wallets that interacted by bridging tokens across the wormhole, transferring mAssets from Ethereum to Terra, purchasing $750 million tranches of UST, and spreading MIR across multiple wallets similarly to the previously described wallets.
Again, FatManTerra alleges that someone with high levels of capital and access to LP contracts was spreading MIR tokens across multiple wallets to make the protocol appear more decentralized. The accusation is damaging to the reputation of…
Click Here to Read the Full Original Article at Stablecoins – CryptoSlate…
