Seeking Transparency

4 min readJun 10, 2022

There are a few wallets connected to TFL that own a big amount of LUNA in the new Terra 2.0 chain. In this article I will walk through how all those wallets are connected to TFL and related to the Project Dawn. My goal is to get some transparency from Do and TFL as to whether these wallets are owned by TFL, because if they are then TFL is not being honest about not receiving Terra 2.0 airdrop allocations and actually controls a big portion of the new chain.

These are the wallets being investigated:

terra1uza3c9hpnp50np7t8ph5s5vqc0alggvv57q7zu owns ~11mil LUNA
terra1zuxly9qjtz4r9y84fgnv6zwtar6m54v9qlfv7x owns ~2.4mil LUNA
terra13n0lynp9s8ks8gm3nzcgakg0dl8athnu8xscde owns ~2mil LUNA
terra1g3m0gl6ku7f79y83q4fdam630sd2s0ewzpafzs owns ~1.9mil LUNA
terra1x04xgtwlw72gtfzrq7nfwmr6eexla8ecljw28z owns ~0.7mil LUNA

No Airdrop for TFL

In this tweet, TFL claims it is keeping TFL wallets out of the airdrop:
https://twitter.com/terra_money/status/1529451642931752961?lang=en

So we know terra1dp0taj85ruc299rkdvzp4z5pfg6z6swaed74e6 is TFL’s main wallet. Additionally, we have a statement by Do Kwon himself about TFL “bowing out” of the airdrop:
https://twitter.com/stablekwon/status/1534910679525650434

Project Dawn Funding

September 9, 2021, Do Kwon announced TFL’s Project Dawn. Some of the key things to note in that article is that they would be funding that project for an initial 5mil LUNC followed by 3mil LUNC every month thereafter.

Introducing Project Dawn

In the spirit of transparency, TFL is announcing the launch of Project Dawn — a new funding initiative for critical…

medium.com

This transaction from September 9, 2021, clearly shows the 5mil LUNC moving from TFL’s main wallet to terra1x04xgtwlw72gtfzrq7nfwmr6eexla8ecljw28z (‘w28z’):
https://finder.terra.money/classic/tx/22D8C6D437DA966DF21577B0AF15AE2BCB0E88C81488D3ADD74DA395DCC147A6

So clearly ‘w28z’ is somehow connected to TFL and Project Dawn.

There’s also some monthly transfers of 3mil LUNC:
October: https://finder.terra.money/classic/tx/74EE0343E0B455689BC903C15793CD65FB3BACBF52B16131934EEE4B454977E0
November: https://finder.terra.money/classic/tx/F60C2106F4A51C9350DC742D970686521F18CBCC33A086FC94135FC243B36C9C (interestingly enough this one was in ANC tokens)
December: https://finder.terra.money/classic/tx/F5A3382DBBE17F148268C6385E81F5F9B6689D88FF1112C0CCC1F46A6FA99741

From January 2022, these 3mil LUNC monthly payments were transferred to terra1g3m0gl6ku7f79y83q4fdam630sd2s0ewzpafzs (‘pafzs’) instead:
January: https://finder.terra.money/classic/tx/F7B517250DAC180A76B157E83DA58CC3495D5D22324DE3C514990DF88816C105
February: https://finder.terra.money/classic/tx/BBAAAF0EC1C6FCEE06AE7DF725529A35E9811078A1F85CD6E13DA30B99F47C38
March: https://finder.terra.money/classic/tx/9776A4C8566C1CF98E53AFE35F6DF74783D26ADA4669321F21ED070A4903462C
April: https://finder.terra.money/classic/tx/95165C18B384566EADB052CDA315915D6D733066A44D681C30FD5BB8E12D871C

So clearly ‘pafzs’ is also somehow connected to TFL and Project Dawn. This wallet and ‘w28z’ were the direct recipients for the Project Dawn funding. And together they own roughly 2.6mil LUNA in Terra 2.0 which already goes against Do’s statement that TFL didn’t get any airdrop allocations. Unlesss they’re not owned by TFL, but then who are they owned by and why do the funds for TFL’s Project Dawn go directly through these 2 wallets?

Following The Trail — q7zu

Let’s continue following the funds. In September 11, 2021, 4.8mil LUNC of the 5mil Project Dawn initial fund left ‘w28z’ and was transferred to
terra1uza3c9hpnp50np7t8ph5s5vqc0alggvv57q7zu (‘q7zu’) as seen here:
https://finder.terra.money/classic/tx/099326E48443467970EE0CCCA9DD91B8E31549EAC98C6172CAF136BB6F0D44EE

Who is ‘wqrl’? Back in February 2021, ‘w28z’ also paid terra1h5el75ha0zdwfawgxs6z0shqcw3m8r53f0wqrl 2mil LUNC:
https://finder.terra.money/classic/tx/4784506ABEAB9E0AF7A11C1BAE063E5434994F7CE488741E3DB21A6D5A262D77

Who is ‘qejx5’? Back in October 2021, ‘w28z’ also paid terra1dtzfwgzt8xa70zkm8gqzwz0n4zrqtngdpqejx5 2mil LUNC:
https://finder.terra.money/classic/tx/1E7C1D58766A3DD141B51C7EB188B07E1D9074EF1E5863B9A9CACED5652B9041

The conclusion is ‘q7zu’ is somehow also connected to TFL and owns roughly 11mil LUNA in Terra 2.0. This wallet received the 4.8mil LUNC for Project Dawn and passed it on. It also received 1.2mil LUNC per month that it passed on.

Following The Trail — v7e5

After receiving 4.8mil LUNC, ‘q7zu’ sends it to terra12wtftanw90gmywh7dac2txup4x7w7uwwtev7e5 (‘v7e5’) on September 11, 2021:
https://finder.terra.money/classic/tx/E8D5A6ACC9E83B5E4BF931CCC153E303194CAB94C8406D0A2E34D200C6986880

This wallet got no airdrop in Terra 2.0, the record for this wallet on Terra 2.0 is completely clean, no funds, no transactions, but it’s an important piece because it relays the funds down the line.

Following The Trail — fv7x

From the 4.8mil funds passed on to ‘v7e5’ for Project Dawn, 2.8mil went to terra1zuxly9qjtz4r9y84fgnv6zwtar6m54v9qlfv7x (‘fv7x’)
in September 11, 2021:
https://finder.terra.money/classic/tx/8CDD6F57A11F538875A6AEED09A25A9118BA659BBBFB5DC6594027911F33E00A

The other 2mil went to terra13n0lynp9s8ks8gm3nzcgakg0dl8athnu8xscde (‘xscde’) on the same date, but more on that later:
https://finder.terra.money/classic/tx/01A798C20F6A434F45002AD248483027F8DA8BD8AFF23E0540F1F6B2048AB55C

Later, in October 2021, ‘fv7x’ sent 2mil LUNC to ‘xscde’:
https://finder.terra.money/classic/tx/E38104660B11A88E5610A70A077418A457CF73035D6F73B37050203754626C69

There’s more substantial transactions from ‘fv7x’ to ‘xscde’ after that, and also some equally large transfers of LUNC to another wallet,
terra16daypg3pr290862pdau7vswasyurnsdztjlquq (‘lquq’), which relays most of it to ‘xscde’.

So ‘fv7x’ is also connected to TFL as some kind of proxy for the Project Dawn funds to end up in ‘xscde’. This TFL-linked wallet currently owns roughly 2.4mil LUNA in Terra 2.0.

Following The Trail — xscde

As shown above, ‘xscde’ received the initial Project Dawn funds indirectly from TFL’s main wallet through ‘w28z’, ‘q7zu’, ‘v7e5' and ‘fv7x’.

It also received sporadic millions of LUNC from ‘fv7x’ and ‘lquq’.

Not entirely sure what the purpose of this wallet is but it seems connected to TFL’s Project Dawn’s initial funds and monthly stipend, and it sends several transactions just below 50k LUNC to different addresses which I will not bother looking into for now. This wallet currently owns roughly 2mil LUNA in Terra 2.0.

Conclusion

I have shown how all 5 wallets are connected to TFL as addresses where the funds for Project Dawn have gone through. There’s no doubt in that, so what I ask is for transparency from TFL’s side to clarify who these wallets belong to, if not TFL, because if they do belong to TFL, then there’s a collective 18mil LUNA owned by these wallets which would go against Do’s claim that TFL was kept out of the airdrop allocation for Terra 2.0.