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HomeCrypto NewsMarketTerra Classic Community To Access More Scam Protections With Allnodes Anti-Scam Services

Terra Classic Community To Access More Scam Protections With Allnodes Anti-Scam Services

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Allnodes launches new features to prevent users from losing their delegated tokens.

The Terra Classic community can now access extra security features to prevent scammers from going away with their delegated tokens via a new Allnodes service, according to network validator Classy in a tweet yesterday.

The Anti-Scam Help service is available to everyone using Allnodes to stake assets in the Cosmos ecosystem, the company writes in its blog post. The service helps users withdraw their undelegated assets immediately after the unbonding period expires. 

Notably, in many instances where hackers have gained access to user wallets and undelegated user assets, they have been able to beat users to the punch to withdraw them first. It is this problem that Allnodes hopes to solve with its new service.

Users can choose from two Anti-Scam Help service options, the free Regular Service or the Premium Service, which charges a percentage of the funds recovered should Allnodes succeed.

Allnodes, in a disclaimer, warns that the service does not guarantee the recovery of user funds. However, it increases the chances.

Notably, nothing is charged to the user of the Premium Service if the recovery attempt fails. However, Premium service users are more likely to recover their funds as Allnodes broadcasts their withdrawal transaction to multiple network nodes than a single node with the Free Service. Consequently, with the Premium Service, it is more likely that the withdrawal transaction gets processed before the scammer’s transaction.

It is worth noting that Keplr, Ledger, and Cosmostation are the only wallets that currently support the service. Consequently, users must create a wallet with one of these platforms to use the service.

It comes in addition to scam protection proposals passed on the Terra Classic chain to give users an added sense of security. Notably, due to its budding community, scammers are increasingly targeting the LUNC community.

Classy, who shared the Allnodes announcement, was also the author of a Terra Classic proposal that increased the minimum requirements for users to make and initiate voting on proposals on the Terra Classic network. The proposal came in response to the rise in scam proposals on the Terra Station.

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Mark Brennan
Mark Brennan
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.

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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