According to PeckShield, fraudsters are distributing new Luna 2.0 to the addresses of cryptocurrencies CEOs and famous personalities such as Vitalik Buterin, Justin Sun, and the wallet of the 3AC foundation. PeckShield, a major blockchain security firm, revealed that this had all been done by scammers using a trick and alerted people in a tweet.
#PeckShieldAlert PeckShield has detected Scammers sending Wrapped LUNA 2.0 to #Terra Deployer https://t.co/i590fG1nnp and airdropping to @VitalikButerin @a16z #ThreeArrowsCapital @justinsuntron @terra_money.
It tricks folks it is the official #Terra Deployer #airdrop. Be Alert! pic.twitter.com/Scz1RKKOl8— PeckShieldAlert (@PeckShieldAlert) May 26, 2022
How the Luna 2.0 is used to trick users?
As per the information from Ethereum block explore the Wrapped LUNA 2.0 contract address issued millions of Luna 2.0 tokens and sent them to the official addresses of Vitalik Buterin, Three Arrows Capital, Justin Sun, and other famous crypto influencers.
Scammers were shipping Wrapped LUNA 2.0 to an authentic Terra deployer and airdropping it to the addresses of famous crypto influencers. The major purpose of scammers using this technique is to fool users into believing that the Wrapped Luna 2.0 address is an official Terra 2.0 token deployer.
Transactions to prominent wallets, such as tagged addresses comparable as Justin Sun’s and the ENS address vitalik.eth, provide legitimacy to the contract page and attract regular users willing to exchange their worthless Luna tokens for a fresh version. This will encourage crypto users to contribute actual money to that smart contract addresses.
Why Terra 2.0?
Following the UST and Luna token crashes, Do Kwon, Terra’s co-founder, proposed to revive the project without the UST stablecoin and fresh token distribution. The new plan is known as Terra 2.0 or Terra governance prop 1623. The plan will formally be launched on May 27. However, scammers are seeing an opportunity to trick the users.
Recent development in Terra revival plan
There was a successful vote on Terra’s governance platform by a majority of 66.5%. However, not all users are pleased with the approved plan. Some of the users even believe that developers should focus on revitalising the current coin rather than developing a new one.
