'LUNA Giveaway' Scam

'LUNA Giveaway' Scam Description

The website associated with the 'LUNA Giveaway' scam tries to take advantage of crypto enthusiasts. It does through the fake promise of doubling the amount of the cryptocurrency that users transfer to it. This is a typical scheme that has been propagated by numerous similarly untrustworthy pages.

When users land on the site, they will be presented with claims that Do Kwon - the developer, co-founder, and CEO of Terraform Labs, is doing a $100 million giveaway. The money will be distributed as Luna coins and the amount each participant will receive is double the money they decide to enter the giveaway with. It should be made extremely clear that neither Do Kwon nor any other entity mentioned by the scam have any connection to it. Infosec researchers have uncovered two versions of the scam - one where users can only send money using Bitcoin (BTC) and Ethereum (ETH) and one where Terra (LUNA) is also accepted.

It is dubious how successful this scam can be. Not only are its terms highly suspicious but LUNA coin suffered a devastating crash and lost nearly all of its valuation, causing all of the people that put their investments into the cryptocoin to incur crushing losses.