Summary:
- Malicious actors have been purchasing LUNA and posting fake proposals on Terra Station with phishing sites.
- Terra has also witnessed an increment in spam proposals as the ‘cheapness’ of LUNA makes it economically easier.
- The team at Terra has now added an allowlist for new proposals in the ecosystem.
- The Terra community continues to vote on proposal 1623 to fork the chain with 66.3% for the idea.
LUNA and UST investors cannot seem to catch a break as malicious actors have been capitalizing on the recent events surrounding both digital assets to post fake proposals on Terra Station, with additional links to phishing sites.
Furthermore, the fake proposals claim to lead users to a preview of Terra 2.0 and Dapps launched by the team at Terra, while in reality, they are out to steal from the community.
2/ In addition, we have also seen a rapid increase in spam proposals as the discount on $LUNA made it economically cheap to post anything one desired. pic.twitter.com/dd524u8ndk
— Terra 🌍 Powered by LUNA 🌕 (@terra_money) May 20, 2022
The Cheap Value of LUNA Makes it Easier to Purchase Enough Coins to Submit Fake Proposals.
According to the team at Terra, the significant low price of Terra (LUNA) has made it possible for scammers to purchase vast amounts of the digital asset to carry out their phishing attacks.
New Terra Proposals To be Added to an Allowlist
Consequently, the team at Terra will now add proposals to an allowlist as they try to find a more sustainable solution to the situation. The Terra team also clarified that their end goal is not to censor viable proposals but to protect users from scams. They said:
Our goal is not to censor viable proposals, but rather to protect users from scams & ensure an excellent user experience. For those who would like to view all proposals, including potential scams/spam, simply click the “Show all” button on the “Governance” page on Station.
IMPORTANT. Clicking on the “Show all” button may reveal potential scam proposals. Please beware of these types of posts to keep your funds safe.
Votes for Terra Proposal 1623 Decreases to 66.31%
To note is that the Terra Community is currently voting on proposal 1623, which is geared towards forking the chain into Terra Classic (LUNC) and a new chain of Terra (LUNA).
Mid-last week, 90% of the Terra community were for the proposal, with Do Kwon adding three quick amendments by Friday, May 20th. However, a glance at the ongoing voting on Terra Station reveals that only 66.31% of the votes cast are now for the modified proposal.
At the time of writing, a total of 252.745 million votes have been cast, with 167.606 million for proposal 1623. The vote has already passed the minimum 50% threshold needed to sail through. Therefore, it can be concluded that the Terra Community will go along with the proposal to fork the chain despite there being three more days of voting left.