Fraudsters Are Launching LUNA 2.0 To Steal From Investors

LUNA 2.0

Fraudsters are taking advantage of the proposal by the Terra network to launch a new token. According to a forum post seen by Cryptoinfowatch on May 27, an announcement was made by a fraudster that the Terra team has launched LUNA on the Binance chain.

In the ANN, the user, LunaTerra, wrote:

“After difficult discussions, we have decided to deploy a new contract. While we are launching on the DEX and there are discussions with Exchanges (Binance and OKX) about the listing of a new contract. Wait for it please!”

On Binance Smart Chain?

Experienced investors would have figured this out to be a scam since the smart contract address is on the Binance Chain. However, it is possible that there are many others that wouldn’t discern the difference.

The scam further posted the creators address and added that the new LUNA token has a total supply of 200,000,000 tokens. It also claimed that there is no possibility that emission can be increased. The fake LUNA token price starts at $0.00001.

According to the post:

“Now you can start trading on #PancakeSwap!
THE NEW #LUNA TOKEN IS LISTED ON #PANCAKESWAP!”

One Out of Many LUNA 2.0 Scams

This is just one of several scam LUNA token launch that fraudsters are hoping to take advantage of to steal from investors.

Recently, another scam has been encouraging investors to move their LUNA tokens to a fake address, which they claimed is from the Terra 2.0 chain. The so-called Wrapped LUNA 2.0 is another scam address. On May 26, a Peckshield Alert said,

#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

LUNA lost most of its value following the depeg of its stablecoin, UST. The attempt made by the LUNA Guard Foundation to re-balance the stablecoin by pumping funds into the market failed. The Terra team has since announced that a new LUNA 2.0 will be launched on May 28.

Author: Jinka Kamma

Jinka Kamma is passionate about the prospects of blockchain and the freedom cryptocurrencies afford people across borders. He holds small amounts of bitcoin and tether.

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