Whales that win free cryptocurrency after distribution may be blocked by the community itself by millions, and the community itself will vote to resolve this issue.

The practice of earning cryptocurrency is common in the cryptocurrency market and occurs primarily with newly created tokens and coins that distribute a portion of the circulating money supply to the first backers. In some cases, this can generate free money, which may reach millions over time.

In the case of the JunoNetwork project, for example, a so-called pledge was made, which means that only people holding Cosmos Hub (ATOM) cryptocurrency are eligible to win JUNO coins, which is effectively an airdrop with clear rules.

And the distribution ratio in this process is 1:1, so a wallet with 1 ATOM will get 1 JUNO. But a situation that eventually creates a JUNO super whale is overlooked in the offering. A whale is a wallet with so many coins in it that their actions can shake up the market.

Since the project is designed to be decentralized and community-driven, seeing whales in the network did not please many JUNO holders, who lobbied to stop the whales' funding.

Public Vote to Hunt and Stop Million Dollar Whales from Obtaining Cryptocurrency

When JUNO was pledged a few months ago, each wallet could only earn a maximum of 50,000 cryptocurrencies. However, after distributing to wallets and coining on brokers, 1 address centralized 3.1 million in JUNO, raising concerns about individuals or groups suspected of violating distribution rules.

The identity behind Fortune eventually denied that it was breaking the rules and positioned itself as a group of investors who created a fund to develop and back the JUNO token. This calmed down the token community and they forgot about the whale for the next few months.

It's also worth mentioning that having multiple wallets is nice, and it's common in airdrops for people to try to get as many rewards as possible. That said, even if it's just one person behind each address, this wouldn't be the first case in the cryptocurrency market.

In any case, the JUNO community eventually censored Whale after discovering that it was selling thousands of coins a day on the market. In other words, Whale was "dumping" cryptocurrency prices based on other members, even though these sales were profiting from address equity.

Observing this practice and fearing that this address, which holds many coins on the network, would bring a new direction to the governance of the project, the community submitted the infamous Proposition 16 in recent days.

The proposal asks all JUNO token holders to vote on whether the address should lock their thousands of tokens and keep only 50,000 cryptocurrencies as in the original transaction.

Whales could lose millions of dollars Tuesday (15)

JUNO's whale wallet address is "juno1aeh8gqu9wr4u8ev6edlgfq03rcy6v5twfn0ja8" and holds 3.12 million of the coin this Saturday (12), which means it holds R$610 million. JUNO's market capitalization is R$8.8 billion, which shows the huge influence of the whale in this case.

The vote to stop millions of whales began last Thursday (10) and should last until the 15th, i.e. next Tuesday the owner of the address will know if he is still rich or if the community will cut his tokens.

Voting is now open for $JUNO On-Chain Governance Proposal #16.

Description: Correction of pledges in the game

As of Saturday, 70 percent of the community voted in favor, which means Whale must block its tokens.

It's worth noting that it's common for brokers, banks and governments, whether due to investigations or fraud, to block user resources, but the community itself wants to grab resources from wallets through voting, which is new in the cryptocurrency space.