Terra Rebels Notifies LUNC Investors of a Scam Token

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Terra Rebels Notifies LUNC Investors of a Scam Token
Terra Rebels Notifies LUNC Investors of a Scam Token

According to Terra Rebels, fraudsters attempt to trick Terra Classic (LUNC) investors into buying fake tokens.

A decentralised organisation called Terra Rebels which is working to revive the Terra Classic ecosystem informed the community that a fictional coin is trading on the market. 

Terra Rebels reported in a tweet today that the cryptocurrency known as Interchain DAO Coin (IDC) used its logo to trick investors into thinking that the Terra Rebels are behind it.

According to Terra Rebels, the fraudulent token is currently being traded on the Cosmos network and in other exchanges. 

Terra Rebels utilised the tweet to disassociate themselves from the fraudulent coin team who created the cryptocurrency.

“This is NOT a Terra Rebels token, nor does TR have a token. We encourage old and new investors to practice and conduct due diligence,” it added.

ReXx, a well-known Terra Rebels admin, also shared the news. ReXx described the token as an up-and-waiting rug.

The Scammers Use Terra Rebels Logo in an Attempt to Lure Investors

To lure potential investors, the scammers behind these fake ventures frequently use a variety of strategies, such as branding coins after well-known cryptocurrencies. 

By utilising the Terra Rebels logo as the token’s mascot, the IDC team hopes to persuade Terra Classic investors to buy the token.

Unaware Terra Classic investors might assume that IDC is associated with Terra Rebels upon seeing it on the market due to the logo. 

However, prior experiences have demonstrated that investing in these businesses seldom ends well because the investors will almost certainly become the target of a rug pull.

Role of Terra Rebels in LUNC Recovery

In the meantime, Terra Rebels were crucial to the resurgence of Terra Classic. The team has supported several initiatives to guarantee that those harmed by the Terra collapse receive fair compensation.

According to the independent Terra Classic developer group, destroying a sizable percentage of the Terra Classic supply would increase the value of LUNC and USTC. 

Terra Rebels still has more options for accelerating the token burns and enacting a 0.2% tax burn for every LUNC on-chain transaction. 

To hasten LUNC burning, Terra Rebels unveiled a lottery game on the Terra Classic network last month. 

Players must acquire tickets, which cost 5,000 LUNC each, to participate in the game. Each round of the lottery has a winner chosen by Terra Rebels. 

60% of the total pool goes to the winner, while 26% is sent to the LUNC dead wallet. After the winner earned 18 million coins in the second round of the lottery, the team burnt 7.93 million LUNC.

To burn billions of LUNC, Terra Rebels is also adding a DEX and casino to Terra Classic.

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