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HomeCrypto NewsMarketTerra Rebels Warns LUNC Investors Of A Fraudulent Token

Terra Rebels Warns LUNC Investors Of A Fraudulent Token

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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.

 

ReXx, a prominent admin of Terra Rebels, also shared the development. ReXx described the token as a rug in waiting.

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.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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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