Terra 2.0 is set to drop soon, and investors will expect the airdrop of new LUNA tokens in exchange for the old ones. However, this development has created an opportunity for scammers to defraud people of their funds.
In a sad twist of events, PeckShieldAlert, a platform that monitors crypto-related crimes, fraudsters recently developed millions of false LUNA tokens. Furthermore, they sent them to addresses owned by prominent crypto investors to make the airdrops look real.
According to PeckShieldAlert on Twitter, Ethereum’s Vitalik Buterin and Tron founder Justin Sun were part of the cryptocurrency experts that received the fake LUNA airdrop.
“PeckShieldAlert PeckShield has detected Scammers sending Wrapped LUNA 2.0 to Terra Deployer Etherscan.io/token and airdropping to @VitalikButerin @a16z ThreeArrowsCapital, justinsuntron, terra_money. It tricks folks, it is the official Terra Deployer airdrop. Be Alert!” PeckShieldAlert tweeted earlier today.
Why Scammers are Giving out Fake Terra Airdrops
Aside from defrauding investors of their funds, scammers plan to get the cryptocurrency community, especially Terra investors, to trust the token’s contract page. Achieving this goal might make investors swap their devalued LUNA tokens for new fake tokens, thus losing them on the official airdrop.
Terra 2.0 Launch Draws Near
TerraForm Labs has worked hard to compensate $LUNA and UST investors for their losses in the past weeks.
While the company proposed a plan to airdrop new $LUNA tokens to existing holders, Terra will also burn its excess $UST reserve to boost the tokens’ value.
Recent news suggests that the airdrop is set to take place tomorrow, leaving the entire cryptocurrency community curious to know how Terra plans to boost the value of UST and LUNA back to the levels they were trading before the crash.
Read also 👉Binance Has Decided to Stop Terra (Luna) Futures Trading.
