Thursday, November 30, 2023

Fraudulent LUNA 2.0 Tokens Are Emerging On The Market

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Fraudulent Luna 2.0 tokens are emerging on the market and commence a fraudulent airdrop a day before the real one is scheduled so let’s read more today in our latest altcoin news today.

The scammers are using fraudulent LUNA 2.0 tokens and they commence a fraudulent airdrop before the real one happens. PeckShield, blockchain security, and data analytics company identified scammers and send so-called Wrapped LUNA 2.0 tokens to a high profile etheruem address. The ploy was meant to imitate the actual luna re-launch airdrop that took place recently. According to the alerts from PeckShield, the popular recipients of the new tokens include Vitalik Buterin, Three Arrows Capital, Justin Sun, and Andreessen Horowitz.

The tokens were sent to the Terra Deployer from an anonymous address and then sent to the relevant individuals to imitate Terra’s official airdrop. As Do Kwon made clear in the Terra ecosystem revival plan, the UST and LUNA holders with the assets bridged off of the Terra are not eligible for the airdrop. In other words, the airdrops that take place on Ethereum and other chains are fraudulent. Terra’s plan involves forking the Terra blockchain and issuing a new LUNA token. The old LUNA was debased to nothing after UST de-pegged from the dollar earlier this month and will be named “LUNC.”

Terra’s DEFI Apps , luna, collapse, ust, defi

The new LUNA will be distributed to the holders of LUNC and UST based on positions during the certain snapshots of the blockchain so users with holdings stored at exchange addresses such as Binance will be compensated. Terra 2.0 will not include the algorithmic stablecoin such as the last chain and will be community-owned. Neither Terraform Labs nor the Foundation Guard is included in the airdrop whitelist.

As recently reported, Terra’s “proposal 1623” has plans to revive the collapsed Terra ecosystem which was approved by the community. Do Kwon, the creator of the Terra ecosystem proposed new plans which included the creation of a new blockchain and issuing LUNA tokens. As per the data from Terra station, 65.50% of the voters supported the proposal. More than 20% of the voters abstained and 13.20% of the voters opposed the proposal with a veto. Following the approval from the Terra community, the Terraform Labs, the organization supporting Terra will go ahead and deploy the new blockchain so the relaunch is slated for May 27.

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