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HomeCrypto NewsMarketTerra Classic Community Pushes To Eliminate Scam Proposals

Terra Classic Community Pushes To Eliminate Scam Proposals

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Terra Classic (LUNC) community votes to increase requirements to make proposals.

In a tweet on Wednesday, Terra Luna Classic (LUNC) influencer Classy Crypto disclosed that with the support of LUNC core developer Edward Kim, he had launched a new proposal to protect the community from fake proposals used by scammers to loot the funds of holders.

Notably, tweets from Terra Rebels’ admin ClanMudhorn, who also revealed working with the influencer, noted that the proposal aims to raise the minimum requirements for members wishing to submit LUNC proposals. Proposal 6082 will require users to make a 500,000 LUNC (about $125 at current rates) deposit to make proposals and a 1,000,000 LUNC (about $250 at current rates) deposit to initiate voting.

It is worth noting that the requirements are currently set at 0 LUNC and 345,000 LUNC, respectively.

In a tweet yesterday, Classy Crypto, who has expressed his intention to run a LUNC validator in the future, asserted that he sees the proposal as his first contribution to the LUNC ecosystem. The influencer expressing his motivations highlighted that he had received multiple DMs from community members recounting tales of losing thousands of dollars due to scam proposals.

It is worth noting that the proposal has received support from the Terra Rebels, who described it as a step in the right direction.

Additionally, reXx of the Terra Rebels brought further attention to the proposal by highlighting the tweets of a user who had lost his LUNC holdings because they clicked a link on a scam proposal on the Terra Station.

While Classy highlighted that the proposal has already passed the 50% support threshold, some other community members have expressed concerns that the consequences of the proposal have not been fully engaged.

Popular community member DemonMonkey777 expressed concern that the proposal’s effect may fall flat if the price of LUNC plummets. Additionally, he added that if the price of the token surges, it locks out community members with great ideas and little means.

Echoing similar concerns, StrathCole noted that it might not stop scammers as they stood to gain more money from their schemes. However, per StrathCole’s statements, it could effectively stop “small guys” from making valid contributions.

It is worth noting that security concerns have come to the fore in the past week in the community. As The Crypto Basic reported on October 10 alone, reXx of the Terra Rebels had to warn users of a scam proposal and a fake swap and burn platform. Scammers targeting LUNC members is unsurprising as the buzz around the community provides an avenue for bad actors to take advantage of unsuspecting members.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, 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.

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