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Scammers lure traders with fake LUNA airdrop

TL;DR Breakdown
  • Scammers lure traders with fake LUNA giveaway
  • The scammers sent Wrapped LUNA to Buterin
  • Terra is set to begin awarding new tokens

Scammers are making moves in the crypto market regarding the recent LUNA 2.0 update released days ago. According to several reports, the Terra team will begin sending out a series of LUNA tokens in an airdrop in some hours. However, there has been an update from PeckShield about the recent moves made by malicious actors in the crypto market some days ago.

Scammers sent Wrapped LUNA to Buterin

According to the update by the firm, the scammers started their moves by releasing Wrapped LUNA 2.0 via an unknown address to the Deployer. The token sent to the Deployer where hereafter forwarded to an address linked to big names such as Ethereum boss Vitalik Buterin, Justin Sun, and a few others. The scammers did this to ensure that traders in the market would view the first move as a bedrock of legitimacy.

This would make other traders in the ecosystem feel that the address that the LUNA emanated from is the genuine address. This way, traders and investors will send in their old LUNA tokens to the address which belongs to the criminals. Although LUNA and UST have crashed significantly over the last few weeks, a bigger quantity will increase the total amount within the scammer’s confines. However, reports claim that some users have already sent in their LUNA tokens to the blockchain, but the information does not accurately represent the total number of people that have sent LUNA to the scammers.

Terra to begin awarding new tokens

Traders in the crypto market have already witnessed several projects sending massive tokens to several big names in the crypto market. A typical example is Shiba Inu, which sent out many tokens to Buterin about two years ago. The Ethereum boss moved to burn a part of the gifted tokens while donating the rest to fund relief of victims suffering from the coronavirus pandemic at the time. According to an earlier announcement, investors and traders have majorly signaled their approval of the change of blockchain, which will see new LUNA tokens distributed.

The latest update mentioned that the CEO and Terraform Labs would no longer be the driving force behind the new blockchain as all power will belong to the community. The company has also carried out a snapshot of the four categories of wallets that will be awarded the new LUNA tokens. The first will be users who held the token before it collapsed, with the second group consisting of holders that bought immediately after the first collapse. The team will communicate other details in the coming days.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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