New Terra Classic (LUNC) Rug Pulls In Town, Warns Terra Rebel Group

The post New Terra Classic (LUNC) Rug Pulls In Town, Warns Terra Rebel Group appeared first on Coinpedia Fintech News

In recent days, the Terra network’s new chain Terra Classic (LUNC) has been in the news and one of the reasons is the Terra Classic Revival Roadmap by developer group Terra Rebels.

This is the developer group that has been working for the success of the 1.2% tax burn proposal. On September 29, the Terra Rebel even released the official Terra Classic revival roadmap to improve the Terra Classic network.

Rug Pulls Increase With Terra Classic Popularity

The Terra Rebels, which is continuously working the betterment of the Terra network has now issued a fresh warning against rug pulls and scams. The group claims that Lithosphere and KaJ Labs Foundation don’t have any connection with the group.

The above statement was confirmed via tweet by reXx, one of the members of Terra Rebel group today. The group also said that they are clueless as to why there is a mention of Terra Rebel group in the road map released by Lithosphere and KaJ Labs.

#LUNC community. I'm not sure why @SuperLitho @KaJLabs decided to throw #TerraRebels name into their medium article, but no such agreement between us and Lithosphere was established. We have never agreed to any announcements. We are not affiliated with this company in any manner. pic.twitter.com/rEJfp5V41v

— reXx (@reXxTerraRebels) October 6, 2022

Though Lithosphere and KaJ Labs Foundation claim to support Terra Classic’s P2E games and also burn 2.5 trillion LUNC tokens, Terra Rebels believe the firms to be rug pulls and scams. Rug pull is basically a scam that involves cryptocurrency where a developer attracts investors towards a new project and steps down even before the project is made.

reXx also claims that these projects are not even built on the Terra blockchain and they are just using Terra Rebels and LUNC to gain the trust of the community.

At the time of reporting, Terra Classic (LUNC) is changing hands at $0.000294 after a surge of 0.65% over the last 24hrs. The LUNC price is expected to surge after the announcement of Binance burn on next Monday.