Burn of 800m USTC Funds - legally absolved route via non code change without validator update
Lunanauts Validator
cosmo
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Edited 7 hours ago
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Burn of 800m USTC Funds - legally absolved route via non validator code update
Dear LUNC Community,
Validators I've spoken to are worried about legal repercussions updating code on their nodes to burn the funds, so are voting NO to prop 11913 and any varients that involve a code update. So here's the alternative:
I present a proposal for the burning of 800 million USTC funds from the Luna Classic treasury, held in the Risk Harbor Multisig Wallet via a contract
Objective:
Initiate the burn of 800 million USTC funds from the Luna Classic treasury (terra1qyw695vaxj7jl6s4u564c6xkfe59kercg0h88w) using a simplified contract.
Risk Harbour have stated they've lost the keys and have agreed to blacklist the wallet. Let's burn instead.
Implementation:
Create a contract with a sole MsgSend to transfer all holdings to Anxu. You can then migrate the multisig contract via governance to that code id.
Legal Safeguards:
This approach eliminates the need for validators to install any code, minimizing legal responsibilities associated with updates.
Effect:
The proposed method achieves the same effect as (proposal 11913) without requiring validator installations.
Your vote will decide:-
Yes: Authorize the burn of 800 million USTC via a simplified smart contract and governance migration.
No: Retain the existing blacklist proposal (11832)
Pass threshold
Turnout
56.05% / 40%
Yes
17.88%96.25B LUNC96.25B
No
9.88%53.16B LUNC53.16B
No with veto
10.10%54.36B LUNC54.36B
AbstainMost voted
62.14%334.50B LUNC334.50B
Most voted
Turnout
56.05% / 40%
Quorum
Reached
Pass threshold
Not reached
Result
RejectedQuorum is reachedPass threshold is not reached