Terra USD and LUNA users wanted their money back and were scammed

Terra USD and LUNA users wanted their money back and were scammed

Key facts:
  • The native token of the Terra network, LUNA, lost 99.99% of its value in just 2 days.

  • Those affected accuse the creator of Terra, Do Kwon, who must answer for the loss of funds.

Last week, the terra (LUNA) and terra USD (UST) cryptocurrencies lost much of their value and thousands of users were financially affected. In this context, scammers have appeared who promise to reimburse the losses of those affected.

For example, this is something that has been seen on the social network Twitter. People who count how they lost their life savings because of the network failure, they receive the answer from those who pretend to be a user service. “Please send us a direct message so we can resolve all issues for you immediately”, writes the user @terra_moneydev1 in response to a victim.

SlowMist, a company dedicated to security in the Bitcoin and cryptocurrency ecosystem, warns: “Many of you are devastated by the recent events involving LUNA, but please wait for official news. Don’t be fooled by websites claiming to give you refunds. They are scams. They are designed to steal your funds and NFTs.”

This company, in its analysis of the case, detected that one of the scammers’ addresses had managed to accumulate more than 2 ETH. At the time of writing this article, as can be seen in the CriptoNoticias Price Calculator, the figure is equivalent to USD 4,200.

In Ethereum block explorers, such as Etherscan, it is observed that the aforementioned address has a token called “Luna Community”. Presumably that would be airdrop that they promise their victims. It is worth clarifying that that is not an official token of the Terra ecosystem and has no market value.

More than 10 billion Luna Community tokens have been issued. Source: Etherscan.

About this situation, some investors who lost their money with LUNA and UST, they reported than, when contacting these fake Twitter accounts, they were asking them to “buy” ether (ETH, Ethereum cryptocurrency) to restore your funds.


On Terra’s part, they let it be known that Any news will be transmitted only through its official channels. In the case of Twitter, the account they use is @terra_money. “Any other Twitter account claiming to represent Terra is fake,” clarify and warn: “Users are advised to be on the lookout for scams.”

“Losing $100k feels like the biggest scam”

Faced with the warning of fraudulent accounts, given by Terra, there were those who took advantage of the occasion to express their anger at what happened with that network.

As this medium reported, the UST stablecoin lost its parity with the US dollar and, as a consequence, the LUNA cryptocurrency lost 99.9% of its price. These days the stories of many investors who were greatly affected by this situation have been known.

Some of these people, like the tweeter in the image below, consider that everything that happened is, in itself, a scam:

Users criticize Terra's warning about scams
Users claim that Terra’s poor response makes them look like a scam. Source: @EcosserYIELD / Twitter.

In an attempt to preserve its good image, Fundación Luna has communicated the status of its reserves (which reached 80,000 bitcoins) and also announced that it is evaluating the possibility of carry out an economic compensation plan that benefits those affected. But, as of the time of this publication, no airdrop.


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