Cryptheory – Just Crypto

Cryptocurrencies are our life! Get an Overview of Market News

Fake LUNA 2.0 airdrop is underway, warns Peck Shield

2 min read


The validators of Terra approved at Wednesday the vote that will implement a hard fork on the network, creating “Terra 2.0”. And an airdrop of LUNA 2.0 tokens to holders of stablecoin UST and LUNA is scheduled for this Friday (27). However, the scammers have already started to act.

They are promoting a fraudulent “airdrop”, as reported by blockchain security firm Peck Shield. On its Twitter account, the company warned users about the progress of the fake token distribution.

Fake token distribution

Peck Shield explained that the Wrapped LUNA 2.0 contract address issued millions of the new tokens. It then sent them to ETH addresses of influential people in the crypto market.

According to the PeckShield alert, popular recipients of these new tokens include Vitalik Buterin, Andreesen Horowitz, Three Arrows Capital, and Justin Sun.

The cybercriminals’ idea is to mimic the LUNA relaunch airdrop that takes place on Friday. Initially, the tokens were sent to Terra Deployer from an anonymous address this Thursday. Then they were sent to the relevant individuals.

The exploiters wanted to trick users into believing that the “Wrapped Luna 2.0” address was a “deployer” of real Terra 2.0 tokens. Thus, they intended to induce users to transfer their old LUNA tokens to this address.

However, Terraform Labs CEO Do Kwon had already made it clear in his Terra ecosystem revitalization plan that UST and LUNA holders with assets in “bridge” with the Terra network would not be eligible for the airdrop. That is, the “airdrops” that occur on ETH and other chains are fraudulent.

Terra Restructuring

As reported by Cryptheory, after seven days of voting, the validators of Terra (LUNA) approved the network restructuring plan.

In total, the validators cast more than 305 million votes. This corresponded to 83.27% of the total quorum. The “yes” won with 200.4 million votes (65.5% of valid votes).

Upon approval, the Terra network will be split in two via a hard fork. Terra Classic will be the old network. In the meantime, the new blockchain will continue under the name Terra. This division is scheduled to take place on Friday.

The proposal also suggests an airdrop of tokens for ecosystem supporters. Those who still have LUNA, which will be called Luna Classic (LUNC), will gain new LUNA tokens proportionally. UST holders will also earn the new tokens. But stablecoin UST will be discontinued.

Finally, the proposal provides for the removal of the Terraform Labs (TFL) wallet, responsible for the ecosystem, from the airdrop. That is, this will make the Terra network a chain fully owned by the community.

Stablecoins like Tether, USDC are safe – overview

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply