Team Luna Warns of Possible Frauds

Key Takeaways:

  • Terra Luna confirms that no dApps have been released or launched on Terra 2.0 network.
  • The recent historic crash of Terra environment tokens has been acting as an advantage for some.

Today, the TerraForm Labs took to Twitter to inform the users or the customers that no dApps have been launched on Terra 2.0 network. The aim behind the Twitter statement was to warn its customers against fraud proposals.

The Twitter post said that recently a lot of posts are being made and circulated on social media that basically are fraud or fake and that misleads the users to a link that claims to be a preview of Terra 2.0 and dApps. 

The recent historic crash of Terra environment tokens has been acting as an advantage for some. Continuous attempts are made to take advantage of the whole situation which will lead to more agony for unsuspecting victims.

TerraForm Labs stated that because these bad actors can now purchase LUNA at a discount, phony proposals have been placed on Terra Station in an attempt to lure consumers to fraudulent dApps. This means taking advantage of the discount that makes it a lot affordable for people to post anything, there has been an increase in the spam proposals on social media.

Besides issuing a warning for all its users, TerraForm Labs also came up with solutions to protect its users from becoming a victim of these scams. The company announced that certain Props will be added to an allow list to avoid spam and which will assure to protect all users for some time now. However, this is a temporary solution. The company claims to be trying to come up with a ‘’more sustainable method’’ to stop these types of props from being uploaded on Terra’s Governance platform.

Now how do users have an idea about what is the scam or fraud proposals? Simple clicking on the “Show all” button on the “Governance” page will let the users see all the proposals including the scam ones. 

Since TerraForm labs already pointed out that the cheap and affordable cost required to launch new proposals or posts on its platform is one of the major reasons for the increase in the scam proposals, it is also considering the possibility of increasing the cost price. However, this whole process may take as long as at least 7 days for governance, during which time many scams/spam would continue to cause problems and losses.

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Baisakhi Mishra

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