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Fraudulent LUNA airdrop spotted a day before Luna 2.0 launch

Terra Classic
Terra Classic

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Terraform Labs recently announced that a new Terra chain would be unveiled on May 27. The new chain dubbed Luna 2.0 will be launched alongside an airdrop to eligible LUNA and UST holders.

However, scammers looking to take advantage of investors that want to jump in early have promoted a fake airdrop. The airdrop promises investors bridged Luna 2.0 tokens.

Fake Luna 2.0 airdrop

PeckShield, a data analytics company and blockchain security firm, identified the scammers promoting the fake airdrop. The company noted that the scammers were sending “Wrapped LUNA 2.0” tokens to popular Ethereum addresses.

The scammers’ goal was to mimic the Luna project relaunch that is happening on May 27. The alert issued by PeckShield noted that the wrapped tokens were being sent to high-profile Ethereum addresses, including Vitalik Buterin, Andreessen Horowitz, Three Arrows Capital and Justin Sun.

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Before the tokens were sent to these addresses, they were first sent to Terra Deployer through an anonymous address on May 26. The tokens were later sent to the relevant addresses to mimic the official Terra airdrop happening on Friday.

However, these tokens are fake because the co-founder of Terraform Labs, Do Kwon, had outlined his Terra recovery plan, saying that holders of LUNA and UST tokens who have assets bridged to Terra would not be eligible for the airdrop. Therefore, these airdrops on the Ethereum blockchain and other networks are fake.

Terra’s revival plan

Following the collapse of LUNA and UST, the Terra team came up with several solutions to save the network. The proposal that has passed is one by Do Kwon involving the creation of a new chain.

Kwon has clarified that the new chain will not be a fork of the old chain. Therefore, there will be no pre-existing decentralized applications (DApps). DApps that want to move to the new chain will have to migrate.

The old Terra chain that has lost most of its value following the UST collapse will be renamed Luna Classic, while the old tokens will be known as LUNC. The new LUNA tokens will be distributed to the holders of LUNC and UST based on snapshots taken. Users with holdings stored on exchanges like Binance and Huobi will receive airdrops of the new token.

The new Luna blockchain will not have any algorithmic stablecoins like Luna Classic. The new chain will also be fully owned by the community. The Luna Foundation Guard and Terraform Labs have not been included in the airdrop.

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