Terra Classic Community Pushes To Eliminate Scam Proposals

Terra Classic (LUNC) community votes to increase requirements to make proposals.

In a tweet on Wednesday, Terra Luna Classic (LUNC) influencer Classy Crypto disclosed that with the support of LUNC core developer Edward Kim, he had launched a new proposal to protect the community from fake proposals used by scammers to loot the funds of holders.

BREAKING NEWS : $LUNC Proposal 6082 ( Coded by @edk208 & proposed by me ) aims to save MILLIONS in potential scams that may arise from fake proposals on #LUNC.

This is a PARAMETER CHANGE so it WILL IMMEDIATELY go through into the next epoch once passed.https://t.co/YynBUjIl3j

— Classy 👾 (@ClassyCrypto_) October 19, 2022

Notably, tweets from Terra Rebels’ admin ClanMudhorn, who also revealed working with the influencer, noted that the proposal aims to raise the minimum requirements for members wishing to submit LUNC proposals. Proposal 6082 will require users to make a 500,000 LUNC (about $125 at current rates) deposit to make proposals and a 1,000,000 LUNC (about $250 at current rates) deposit to initiate voting.

It is worth noting that the requirements are currently set at 0 LUNC and 345,000 LUNC, respectively.

Speaking with @ClassyCrypto_ and@edk208 last night we worked on a
initiative to raise the minimum
requirement for #lunc props to be
submitted.

This is an effort to stop the scam and
spam props that governance is riddled
with.

I support this initiative. ✅

🚨Real prop is 6082. pic.twitter.com/DWqRrjK2Lz

— ClanMudhorn (@ClanMudhorn_) October 19, 2022

In a tweet yesterday, Classy Crypto, who has expressed his intention to run a LUNC validator in the future, asserted that he sees the proposal as his first contribution to the LUNC ecosystem. The influencer expressing his motivations highlighted that he had received multiple DMs from community members recounting tales of losing thousands of dollars due to scam proposals.

I’ve seen this countless times at this point within my DMs.

It’s really disheartening seeing thousands upon thousands of $$$ being taken away from $LUNC holders due to these scam proposals.

This was my motivation for 6082. Stay Safe ♥️

— Classy 👾 (@ClassyCrypto_) October 19, 2022

It is worth noting that the proposal has received support from the Terra Rebels, who described it as a step in the right direction.

We support raising the minimum #LUNC requirement for proposals to be submitted. With the amount of scam proposals submitted onto Terra Station, we believe that this is a step down the right path. https://t.co/hM5VxJVHoi

— Terra Rebels (@TerraRebels) October 19, 2022

Additionally, reXx of the Terra Rebels brought further attention to the proposal by highlighting the tweets of a user who had lost his LUNC holdings because they clicked a link on a scam proposal on the Terra Station.

Dear #LUNC community,
I have stated repeatedly that protecting the community is the top priority for me. Seeing tweets like this truly saddens me. @ClassyCrypto_ has created proposal #6082 to raise required LUNC to deter scammers from preying on our community. pic.twitter.com/SmHH5VnQgM

— reXx™ (@reXxTerraRebels) October 19, 2022

While Classy highlighted that the proposal has already passed the 50% support threshold, some other community members have expressed concerns that the consequences of the proposal have not been fully engaged.

LFG! PROPOSAL 6082 HAS NOW PASSED THE “PASS THRESHOLD” & with over 50% on “YES” so far with a super-majority it looks like $LUNC is on the right track! 6 days left until it ends.

LESS SCAMS = MORE 🚀#LUNC
Thank you all for supporting this proposal!https://t.co/YynBUjIl3j pic.twitter.com/DqNFUG4lL8

— Classy 👾 (@ClassyCrypto_) October 19, 2022

Popular community member DemonMonkey777 expressed concern that the proposal’s effect may fall flat if the price of LUNC plummets. Additionally, he added that if the price of the token surges, it locks out community members with great ideas and little means.

What happens when the price of lunc drops a lot? Another parameter change?What happens if the price goes way up?Another change? Might keep a great proposal from being put forward by someone that doesn’t have much $.Not all great ideas come from wealthy people. Price changes daily

— DemonMonkey777 (@DemonMonkey777) October 19, 2022

Echoing similar concerns, StrathCole noted that it might not stop scammers as they stood to gain more money from their schemes. However, per StrathCole’s statements, it could effectively stop “small guys” from making valid contributions.

To be honest, I have mixed feelings about that.
I fear it won’t stop scammers at all, as they still gain more money than they lose.
But it might stop “small guys” from bringing forward something due to the risk of losing the deposit. Tough decision for me. 🤔

— StrathCole (@ColeStrathclyde) October 19, 2022

It is worth noting that security concerns have come to the fore in the past week in the community. As The Crypto Basic reported on October 10 alone, reXx of the Terra Rebels had to warn users of a scam proposal and a fake swap and burn platform. Scammers targeting LUNC members is unsurprising as the buzz around the community provides an avenue for bad actors to take advantage of unsuspecting members.

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