Terra Rebels says Scammers are trying to mislead Terra Classic (LUNC) investors into purchasing Deceitful Token.
Terra Rebels, a decentralized group focused on reviving the Terra Classic ecosystem, has warned the community of a fictitious token circulating in the market. In a tweet today, Terra Rebels noted that the token, dubbed Interchain DAO Coin (IDC), hijacked its logo to mislead investors into believing that the Terra Rebels are behind the cryptocurrency.
According to Terra Rebels, the malicious token currently circulates the Cosmos network and other markets. Terra Rebels used the tweet to deny affiliation with the fake coin team that launched the crypto.
“This is NOT a Terra Rebels token, nor does TR have a token. We encourage old and new investors to practice and conduct due diligence,” it added.
#PSA to #LUNCCommunity A dao coin 'IDC' is floating around the markets and cosmos. The logo has been hijacked in attempts to mislead. This is NOT a #TerraRebels token nor does TR have a token. We encourage old and new investors to practice and conduct #DueDiligence pic.twitter.com/XglJtqfe3D
— Terra Rebels (@TerraRebels) November 18, 2022
ReXx, a prominent admin of Terra Rebels, also shared the development. ReXx described the token as a rug in waiting.
There is a token name "interchain dao coin" "IDC" floating around somewhere on the markets and cosmos. It seems they have stolen Terra Rebels logo to mislead people. This is NOT a Terra Rebels token. Please be vigilant and always do your DD. This seems like a rug in waiting. pic.twitter.com/Pul31bVrmE
— reXx™ (@reXxTerraRebels) November 17, 2022
Reason Behind the Usage of Terra Rebels Logo
The fraudulent teams behind these hoax projects usually adopt different tactics, including naming tokens after popular cryptocurrencies, to attract potential investors. The team behind IDC wants to lure Terra Classic investors into purchasing the token by using the Terra Rebels logo as the token’s mascot.
Upon seeing IDC on the market, unsuspecting Terra Classic investors would believe that the token is affiliated with Terra Rebels because of the logo. However, past events have shown that it never ends well for people who invest in these projects, as they will most likely become victims of a rug pull.
Terra Rebels’ Role in Reviving LUNC
Meanwhile, Terra Rebels played important roles in the revival of Terra Classic. The team has championed several initiatives to ensure that victims of the Terra collapse are fully compensated.
The independent Terra Classic developer group believes burning a large portion of Terra Classic supply would boost LUNC and USTC prices. Aside from implementing a 0.2% tax burn for all LUNC on-chain transactions, Terra Rebels still has other ways to accelerate the token burns. Last month, Terra Rebels launched a lottery game on the Terra Classic network to accelerate LUNC burns. Players must purchase tickets, which cost 5,000 LUNC each, to participate in the game. Terra Rebels selects a winner at each round of the lottery. While the winner receives 60% of the pool, 26% is sent to the LUNC dead wallet. In the second round of the lottery game, the team burned 7.93M LUNC after the winner received 18 million coins.
Terra Rebels is also bringing a DEX and Casino on Terra Classic that will help burn billions of LUNC.