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Terra Scam Accounts Attempt To Capitalize On Hard Fork Uncertainty

Amid uncertainty over Terra's plan to hard fork the blockchain, scam accounts claiming to be "Terra Classic" are emerging.
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Terra Scam Accounts Attempt To Capitalize On Hard Fork Uncertainty

Terraform Labs’ Do Kwon had recently announced plans to fork the Terra chain into a new chain without the algorithmic stablecoin. The old chain will be called Terra Classic (Luna Classic – LUNC) and the new chain to be called Terra (LUNA). However, scam accounts have now emerged amid uncertainty over Terra’s fork.

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Scam Accounts Create Another Problem for the Terra Community

Leading blockchain security company PeckShield reported in a tweet on May 18 that the Twitter account “Terra Luna Clasic $LUNC” is a honeypot scam. The tweet read:

“PeckShield has detected Terra Luna Classic $LUNC is honeypot. Do *NOT* fall prey to it! Terra 2.0 (or not) is still in Preliminary Vote.”

The scam Terra Classic Twitter account is trying to tempt LUNA and UST holders into the scam. The scammers claim the Terra Luna Clasic V2 $LUNC is already listed on Pancakeswap and holders of LUNA and UST tokens can get their compensation. Scammers suggest holders to buy LUNC on Pancakeswap for 2000 BUSD and 1 BNB. The scammer appears to be using BSC for scam operations.

On May 15, Terra Money’s official account warned users to be aware of scams originating amid Terra’s revival plan for LUNA and UST tokens. In fact, many scam accounts appeared on Twitter after the fall of LUNA and UST. The Terra community is already under deep crisis as many have lost their savings.

Actually, the governance voting for the fork of the Terra chain starts today, May 18. However, the Terra community seems to be against the fork of the Terra chain into a new chain. The uncertainty continues as a majority of Terra community members in preliminary voting have voted in opposition to the new revival plan by Do Kwon.

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Do Kwon to Face Lawsuit for UST Collapse

South Korea’s top law firm LKB & Partners is considering filing a lawsuit against Terraform Labs’ founder Do Kwon and Terra’s co-founder Daniel Shin. Moreover, several LUNA and UST investors are planning to file a class-action lawsuit against Do Kwon. Meanwhile, Korean politician Yun Chang-Hyun has also reportedly called for a parliamentary hearing on Terra’s crisis.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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