Connect with us

Airdrop

Terra Community Plans To Vote On Forking The Chain — Launch May Airdrop A Billion New Tokens To Network Participants

Published

on

Terra Community Plans To Vote On Forking The Chain — Launch May Airdrop A Billion New Tokens To Network Participants

Following the aftermath of Terra’s UST implosion, the blockchain project’s founder Do Kwon has been actively discussing the Terra ecosystem revival plans and one specific proposal will be voted on May 18. The plan is to fork the blockchain into a new chain that does not include an algorithmic stablecoin, and the newly minted tokens from the network will be airdropped to Terra ecosystem participants and holders.

Terra Community Members Plan to Vote on a Fork Proposal to Revive the Broken Project

Last week the Terra blockchain ecosystem was obliterated and the project’s native tokens lost significant value. At the time of writing, a single LUNA token is trading for under a U.S. penny and the once-stable coin terrausd (UST) is changing hands for $0.09 per unit. During the last few days, Terra’s team — Terraform Labs — and the community have been discussing how to remedy the project’s fallout and give value back to the blockchain’s participants and holders. On May 16, Terra’s founder Do Kwon published a revival plan that aims to fix the project’s problems, and the proposal will be voted on Wednesday, May 18.

The proposal called “Terra Ecosystem Revival Plan 2” aims to fork the blockchain into a new chain that doesn’t involve adding an algorithmic stablecoin. The old chain will be called “token Luna Classic or LUNC” and the new chain will inherit the original branding by being called “Terra LUNA.” Following the split, the new tokens will be airdropped to Luna Classic holders, stakers, application developers, and residual UST holders. The wallet owned and operated by Terraform Labs (TFL) will be removed from the airdrop entirely.

Advertisement

Kwon says the “Terra ecosystem and its community are worth preserving” and the application ecosystem built on Terra has hundreds of developers. Terra Station has more than a million users worldwide and Kwon believes despite the recent fallout, “[Terra has a] strong brand recognition and a name that almost everyone in the world will have heard about.” Details concerning the token distribution note that there will be 1,000,000,000 new LUNA tokens tied to the Terra chain.

25% will be dispersed to the community pool for staked governance and 1% will be allocated to essential developers with no lockup period. 4% will be dispersed to essential developers after a one-year cliff and four-year vesting period. 35% will go to all bonded and unbonded LUNA stakers except for TFL. Wallets with one million LUNA or less will have different vesting periods. 10% will go to LUNA holders and 25% will go to UST holders.

Community Responses Indicate People Disagree With the Terra Revival Proposal

The proposal says that a “pre-attack snapshot” will be taken at Terra Classic block number 7,544,914. The chain fork will commence a few hours after the launch snapshot is taken and an estimated date for the new Terra network launch will occur on May 27, 2022. The proposal seems to have a lot of people who do not like the plan, while others favor the idea brought to the table. One individual wrote: “This is an interesting proposal and I’m glad the community will move forward with a new chain.” Another person against the idea said:

No one wants a fork. Just burn the current LUNA and fix the current algorithm to get back UST peg.

Some people did not like Kwon saying that “Terra was more than just UST.” “I agree that Terra is more than $UST,” the individual replied to Kwon’s post. “There should be a stable for all 180 fiat currencies. I do not want a fork. I believe 99% of the value of Terra remains in the current incarnation of the system.” Kwon thinks the proposal is “a chance to rise up — anew from the ashes” similar to a phoenix.

In fact, Terra did have a suite of fiat currencies in addition to the most used and most popular UST stablecoin. Terra’s KRW stablecoin was popular as well, but the token de-pegged from the Korean won’s value. A single KRW is worth $0.00079 today while the blockchain-based terrakrw token is only worth $0.00006945.

Advertisement
Tags in this story

Airdrop, Airdrop Tokens, Burn, Classic LUNA, Classic Terra, do kwon, Korean Won, KRW, LUNA, Luna Classic, LUNA fork, Network Fork, New Network, Terra Classic, Terra Community, Terra Fork, Terra Founder, terrakrw, Token Airdrop, token distribution, UST

What do you think about the proposal that aims to fork the Terra chain and airdrop tokens to the network’s participants? Do you think the idea is viable? Let us know what you think in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Advertisement

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement

2 common attacks

The 2 Most Common Airdrop Phishing Attacks And How Web3 Wallet Owners Can Stay Protected

Published

on

The 2 Most Common Airdrop Phishing Attacks And How Web3 Wallet Owners Can Stay Protected

In the world of cryptocurrencies, decentralized finance (defi), and Web3, airdrops have become commonplace in the industry. However, while airdrops sound like free money, there’s been a growing trend of airdrop phishing scams that steal people’s money when they attempt to get the so-called ‘free’ crypto assets. The following is a look at two different ways attackers use airdrop phishing scams to steal funds and how you can protect yourself.

Airdrops Don’t Always Mean ‘Free Crypto’ — Many Airdrop Giveaway Promotions Are Looking to Rob You

Airdrops have been synonymous with free crypto funds, so much so that a rising crypto scam called airdrop phishing has become prevalent. If you are a participant in the crypto community and use social media platforms like Twitter or Facebook, you’ve probably seen a number of spam posts advertising airdrops of all kinds.

Usually, a popular Twitter crypto account makes a tweet and it is followed by a slew of scammers advertising airdrop phishing attempts and plenty of accounts saying that they have received free money. Most people won’t fall for these airdrop scams but because airdrops are considered free crypto, there’s been a bunch of people who have lost funds by falling victim to these types of attacks.

Advertisement

The first attack uses the same advertising method on social media, as a number of people or bots shill a link that leads to the airdrop phishing scams web page. The suspicious website may look very legitimate and even copy some of the elements from popular Web3 projects, but in the end, the scammers are looking to steal funds. The free airdrop scam could be an unknown crypto token, or it could also be a popular existing digital asset like BTC, ETH, SHIB, DOGE, and more.

The first attack usually shows that the airdrop is receivable but the person must use a compatible Web3 wallet to retrieve the so-called ‘free’ funds. The website will lead to a page that shows all the popular Web3 wallets like Metamask and others, but this time, when clicking on the wallet’s link an error will pop up and the site will ask the user for the seed phrase.

To get support, open MetaMask and navigate to “Support” or “Get Help” within the dropdown menu. Do not trust anyone who has sent you a direct message. UNDER NO CIRCUMSTANCES should you ever give your Secret Recovery Phrase to anyone or input it into any site!

— MetaMask Support (@MetaMaskSupport) April 29, 2022

This is where things get shady because a Web3 wallet will never ask for the seed or 12-24 mnemonic phrase unless the user is actively restoring a wallet. However, unsuspecting airdrop phishing scam users may think the error is legitimate and enter their seed into the web page which eventually leads to the loss of all the funds stored in the wallet.

Basically, the user just gave the private keys to the attackers by falling for the Web3 wallet error page asking for a mnemonic phrase. A person should never enter their seed or 12-24 mnemonic phrase if prompted by an unknown source, and unless there’s a need to restore a wallet, there’s really never a need to enter a seed phrase online.

Advertisement

Giving a Shady Dapp Permissions Is Not the Best Idea

The second attack is a bit more tricky, and the attacker uses the technicalities of code to rob the Web3 wallet user. Similarly, the airdrop phishing scam will be advertised on social media but this time when the person visits the web portal, they can use their Web3 wallet to “connect” to the site.

However, the attacker has written the code in a way that makes it so that instead of giving the site read access to balances, the user is ultimately giving the site full permission to steal the funds in the Web3 wallet. This can happen by simply connecting a Web3 wallet to a scam site and giving it permissions. The attack can be avoided by simply not connecting to the site and walking away, but there are lots of people who have fallen for this phishing attack.

Here’s the latest phishing scam

1️⃣ Airdrop a token

2️⃣ Build a website with same name so it’s easily found

3️⃣ When you find what appears to be staking for this token, the Approve txn gives unlimited spending of other tokens (ie SNX)

Then they drain your wallet of the token. pic.twitter.com/vICIeC5rGk

— DeFi Dad ⟠ defidad.eth (@DeFi_Dad) December 20, 2021

Advertisement

Another way to secure a wallet is by making sure the wallet’s Web3 permissions are connected to sites the user trusts. If there are any decentralized applications (dapps) that seem shady, users should remove permissions if they accidentally connected to the dapp by falling for the ‘free’ crypto scam. However, usually, it is too late, and once the dapp has permission to access the wallet’s funds, the crypto is stolen from the user via the malicious coding applied to the dapp.

The best way to protect yourself from the two attacks mentioned above is to never enter your seed phrase online unless you are purposely restoring a wallet. Alongside this, it is also good form to never connect or give Web3 wallet permissions to shady Web3 websites and dapps you are unfamiliar with using. These two attacks can cause major losses to unsuspecting investors if they are not careful of the current airdrop phishing trend.

Tags in this story

2 common attacks, 2 major attacks, Airdrop, airdrop phishing, airdrop scam, attackers, connecting wallets, decentralized finance, DeFi, Hackers, malicious code, metamask, mnemonic phrase, permissions, Phishing, restoring a wallet, scammers, Scams, Seed Phrase, Wallet Connect, Wallets, Web3, Web3 wallet, Web3 Wallet Attacks

Do you know anyone who has fallen victim to this type of phishing scam? How do you spot crypto phishing attempts? Let us know your thoughts in the comments.

Advertisement
Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Advertisement

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Continue Reading

Airdrop

Optimism hacker confirms they are whitehat, returns most of stolen funds

Published

on

Optimism hacker confirms they are whitehat, returns most of stolen funds

Optimism hacker confirms they are whitehat, returns most of stolen funds Oluwapelumi Adejumo · 34 seconds ago · 2 min read

Hacks

Optimism hacker started returning the stolen tokens in a batch of 1 million per transaction.

Advertisement

2 min read

Updated: June 11, 2022 at 2:01 am

Cover art/illustration via CryptoSlate

👋 Want to work with us? CryptoSlate is hiring for a handful of positions!
Advertisement

Optimism hacker has confirmed they are a whitehat and asked the project developers to share a return address for the remaining tokens in their possession.

The hacker stole 20 million OP tokens from Optimism by exploiting a failed transaction involving liquidity provider Wintermute.

Wintermute CEO Evgeny Gaevoy asked the hacker to return the stolen funds if they’re whitehat within a week. He threatened to dox the hacker if they failed to return the funds.

Part of the statement reads,

We are 100% committed to returning all the funds, tracking the person(s) responsible for the exploit, fully doxxing them and delivering them to the corresponding juridical system. Remember that robbers need to get lucky every time. Cops only have to get lucky once.

However, it turned out the hacker was a whitehat after all. Before returning the funds, the hacker this morning sent one million OP tokens to Vitalik Buterin’s public wallet along with a message that said: 

Advertisement

Hello, Vitalik, I believe in you, just want to know your opinion on this. BTW, help to verify the return address, and I will return the remaining after you. And hello Wintermute, sorry, I only have 18M, and this is what I can return. Stay Optimistic!

Six hours after that, they started returning the 18 million in a batch of 1 million per transaction. So far, the hacker has sent 17 million OP tokens to a wallet Gaevoy claimed belongs to Optimism.

🙃

— wishful cynic (@EvgenyGaevoy) June 10, 2022

In reaction to the hacker’s decision, Gaevoy tweeted an upside-down smiley emoji. Optimism also posted that it has received the stolen crypto while revealing that Wintermute “has committed to reimbursing the Optimism Foundation.”

Over the past few hours, the address opened a line of communication with Wintermute on-chain and 17mm of 20mm OP has now been returned. There was also 1mm sent to @VitalikButerin yesterday (🤷‍♂️) which is being recovered.

We will continue to post updates as they come in.

— Optimism (✨🔴_🔴✨) (@optimismPBC) June 10, 2022

Advertisement

The hacker will be keeping the remaining 2 million OP tokens as a bounty. Optimism foundation also confirmed that it is in the process of recovering the 1 million OP sent to Vitalik Buterin.

The news of the return has had a positive influence on OP price. The token has risen by 13.2% in the last 24 hours, making it one of the biggest gainers today.

Continue Reading

Airdrop

Optimism airdrops token amid high demand and drama

Published

on

Optimism airdrops token amid high demand and drama

Optimism airdrops token amid high demand and drama Oluwapelumi Adejumo · 17 hours ago · 2 min read

Ethereum › Uncategorized

Some users claimed that they had been interacting with the smart contract before it went live, while some are saying they suddenly became ineligible for the airdrop.

Advertisement

2 min read

Updated: June 1, 2022 at 1:13 pm

Cover art/illustration via CryptoSlate

👋 Want to work with us? CryptoSlate is hiring for a handful of positions!
Advertisement

Ethereum layer-2 solution, Optimism, has airdropped its OP governance token to around 249,000 wallets in the early hours of June 1.

Sup sleuths—as you might have guessed, OP Drop #1 launches today. We have NOT officially announced yet, but we’re already experiencing an all-time high demand. We knew everyone would be excited, but holy cow—y’all just couldn’t wait for #OPSummer.

— Optimism (✨🔴_🔴✨) (@optimismPBC) May 31, 2022

According to Optimism’s airdrop white paper, its first tranche of airdrops will be for users who have been “instrumental as early adopters and active users of projects in the Optimism ecosystem.” The white paper identified 248,699 addresses that are eligible for the airdrop in this category.

(4/28): We’ve updated the eligibility table in this thread for clarity.

Full eligibility criteria are available at: https://t.co/S7BXfgTdKr

The best way to see you if you qualify for Airdrop #1 is to use the address checker:https://t.co/LOyiLEqnVz pic.twitter.com/1BE3tpmNKW

Advertisement

— Optimism (✨🔴_🔴✨) (@optimismPBC) April 28, 2022

Optimism will be distributing 5% of its tokens in this first airdrop, while 14% will be left for future airdrops. The rest of the tokens will be used for ecosystem funds, private investors, public goods funding, and core contributors.

Optimism is a layer-2 scaling solution on Ethereum that aims to improve transaction speeds and reduce costs by combining several transactions into one bundle. It then sends this through Ethereum as a single transaction.

Layer-2 solutions like Optimism have become quite common on Ethereum as they allow developers to enjoy the security of Ethereum and avoid the constant issues of network congestion and high transaction fees.

Optimism removed 17k wallets

On May 23, Optimism revealed its decision to remove airdrop farmers from its list. It removed 17,000 Sybil addresses and recovered over 14 million OP tokens that it intends to redistribute among the userbase.

Advertisement

Optimism is for the people, not the sybils.

We’ve been carefully analyzing OP Airdrop #1 for sybil attackers that slipped through the cracks. We’re happy to announce that we’ve removed an additional 17k sybil addresses and recovered over 14 million OP. Bye bye sybils! pic.twitter.com/XfWTcOFXEa

— Optimism (✨🔴_🔴✨) (@optimismPBC) May 23, 2022

Airdrop farming, or Sybil attack, is a process where a user tries to get airdrops on multiple wallets. Sybil attacks are pretty common in the industry, although they are frowned upon by many.

Before the airdrop became available, some users had claimed they had been directly interacting with the smart contract. The moderator in Optimism Discord Server said the team was testing the airdrop functionality.

optimism team just testing in prod and some lucky people selling their tokens ahead of us being able to sell?

— Sisyphus (@0xSisyphus) May 31, 2022

Advertisement

Since the airdrop went live, some Optimism users said they had lost their eligibility status even though they were initially eligible.

I was eligible for airdrop trying to claim and suddenly its showing now i am not eligible

— john lewis (@johnlewis381987) May 31, 2022

The OP token is currently trading for $1.78 on CoinGecko. After launching at $1.49, its price went as high as $2.10 before dropping to its current value.

Advertisement
Continue Reading

Trending

Get our daily News updatesSignup to get instant updates straight to your email