Fake Luna 2.0 Airdrops Are Already targeting Users; Details

Paigambar Mohan Raj
Source: Investopedia

According to PeckShield, a leading blockchain security firm, scammers are delivering fresh Luna 2.0 to cryptocurrency CEOs and influencers’ addresses, including Vitalik Buterin’s, Justin Sun’s, and the 3AC Foundation’s wallet.

The Wrapped LUNA 2.0 contract address issued millions of the new tokens and sent them to the official addresses of Vitalik Buterin, Three Arrows Capital, Justin Sun, and other influencers, according to the Ethereum block explorer. However, according to PeckShield scammers were shipping the wrapped tokens to an authentic Terra deployer and airdropping them to the aforementioned addresses.

The exploiters wanted to fool users into believing that the “Wrapped Luna 2.0” address is an actual Terra 2.0 token deployer and that they should transfer their older Luna tokens to those smart contract addresses.

Transactions to well-known wallets, such as Justin Sun’s tagged addresses and the ENS address vitalik.eth, provide legitimacy to the contract page and attract frequent users who will trade their worthless Luna tokens for a fresh version.

The airdrop is open to HODLers who possessed LUNA (including staking derivatives) and less than 500k aUST (UST deposited in Anchor) at the pre-attack snapshot time. Users who have LUNA and UST at the time of the post-attack snapshot were also eligible for the airdrop.

Many exchanges and decentralized platforms previously refused the upgrade either to regulatory concerns or user unwillingness to trade their old Luna tokens for the new version.

After the UST and Terra, tokens crashed, Terra’s co-founder, Do Kwon, offered to “restart” the project without the UST stablecoin and a fresh token distribution. Despite the fact that voting on Terra’s governance platform was successful, not all users are pleased with Do Kwon’s choice and believe that developers should focus on reviving the current coin rather than developing a new one.

While some exchanges have said no, many have come on board to support the new Terra blockchain.