[ccpw id="39382"]

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

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


Written By:

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

- Advertisement -

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

- Advertisement -

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.

- Advertisement -

“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.

Follow Us on Twitter and Facebook.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
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.

More from Author