Monday, June 27, 2022
Home Crypto News Market Beware of Malicious Proposals, Terra (LUNA) Team Says No Dapps Launched on...

Beware of Malicious Proposals, Terra (LUNA) Team Says No Dapps Launched on Terra 2.0 

- Advertisement -
Follow-Us-On-Google-News

Terra Team Warns Community to Beware of Malicious Proposals, Says No Decentralized Application Has Launched on Terra 2.0.


Terra’s team said proposals urging people to preview its decentralized applications on the new chain are fake.

The unfortunate collapse of Terra ecosystem tokens has presented lots of opportunities for malefactors, who continue to take advantage of the situation to wreak more havoc on unsuspecting victims.

In a recent Twitter update, the TerraForm Labs team issued a warning to its users that it is yet to launch any decentralized application (dApp) on the Terra 2.0 as opposed to claims made by illicit actors.

Although a good number of developers have expressed interest in continuing to build on the Terra 2.0 network if it eventually goes live, the network is yet to launch as members of the community are still voting on whether the initiative will progress.

Speaking about the recent attempts made by malefactors to scam unsuspecting investors, TerraForm Labs noted that since these bad actors can now purchase LUNA at a discount, fake proposals have been made on Terra Station, in a bid to lure people to fraudulent dApps.

“These proposals claim to lead users to a preview of Terra 2.0 & dApps launched by us – which is not the case,” the team said.

Moves to Protect Terra Investors

In a bid to keep members of the Terra community safe, the team stated that it has made adjustments to the Terra Station proposals’ visibility.

Going forward, all new proposals will be added to an “allow list,” which can be accessed from the Governance section of the platform.

The TerraForm team ruled out the possibility of increasing the cost required to launch new proposals on its platform, as the process may take up to seven days.

- Advertisement -

Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Crypto Winter Survival Guide: Frax (FRAX), PAX Gold (PAXG), And RoboApe (RBA)

How long will crypto winter last? That is the question on the lips of every crypto participant right now. Many newbies are scared at...

The Exciting Evolution Of Blockchain Gaming With Xchange Monster (MXCH) & Decentraland (MANA)

The words decentralized finance and game, these two industries have been combined together and from this combination the GameFi sector was birthed. For many...

TRON Price On The Up As Risk Of USDD Depegging Falters

  Tron Price is showing that the USDD depegging pressure is releasing. window.coinzilla_display = window.coinzilla_display || ; ...

Bitcoin Only Line Of Defense Is Holding But How Far? As Number Of BTC Exchange Inflows Increase

  Bitcoin does not have sufficient support below 20,000 dollars. window.coinzilla_display = window.coinzilla_display || ; ...

Baby Doge Coin Team to Burn 50 Quadrillion BabyDoge At Once

Baby DogeCoin Team to Burn 50 Quadrillion Coins Tomorrow After Community’s Approval.  window.coinzilla_display = window.coinzilla_display || ; ...

SEC Chairman Piles Pressure on Altcoins, Says ‘Bitcoin Is the Only One I Am Willing To Say Commodity’ 

For SEC Chairman Bitcoin is the only crypto that is a commodity. window.coinzilla_display = window.coinzilla_display || ; ...

Shiba Inu Soars Above 40% In Seven Days As Unification Brings Shibarium Launch Closer

SHIB has put smiles on investors' faces after its massive rally in the past seven days.  window.coinzilla_display...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.