Terra isn’t dead: the network is back up and running on a new blockchain, focusing on a more decentralized governance model. The community is making no attempts to revive its recently failed TerraUSD (UST) stablecoin. It has, however, re-launched a new version of the LUNA governance token, restarting its supply at 1,000,000,000 tokens. Here are the facts on the new blockchain, why it was launched, and the new token’s airdrop/ distribution. Background on Terra 2.0 Terra 2.0 (now known formally…
A trying week for the crypto community closed in even lesser glamorous style as phishing attacks followed the dour market.
While the surprising crash of stablecoins and the collapse of LUNA disturbed many, attackers seized the bad week to wreak more havoc.
Earlier today, CoinGecko raised a scam alert on Twitter. The Singapore-based data aggregation company warned its users to disregard any prompt to connect wallets to the CoinGecko site. In a quick responsive post, the data aggregator made it clear that any such instruction was a scam and was unauthorized. Apparently, bad actors had spoofed CoinGecko’s official website. Even more interestingly, CoinGecko was not the only victim.
Attackers Target NFT Holders
According to the CoinGecko team, the scammers placed ads that were in fact disguised as phishing attacks on major crypto sites like the aggregator’s. These Adverts targeted a specific audience, NFT holders. It promised them BAYCs, some of the most prestigious NFTs in the metaverse. The redirected site, although now disabled, reportedly looked immaculate and real enough. It even boasted the popular ape skull logo and an unusual url: nftapes.win.
A WHOIS search revealed that the offending site was registered barely a day before the attacks commenced.
As of writing, a few sites have reported the phishing ads on their page. Among them are Ethereum’s Etherscan and the cryptoverse’s beloved Dextools. Indeed, the attackers chose their targets based on reputation and visibility.
The affected sites have since put out a warning to their users to avoid connecting their wallets to the suspicious adverts.
Efforts to mitigate the damage already caused are ongoing. For instance, CoinGecko has traced the malevolent adverts to a cryptocurrency advert protocol, Coinzilla. Its team promptly disabled the ads encouraging wallet holders to refrain from connecting any wallets to their site. They have also assured their community of continued investigations into the breach.
As for DexTools, its team announced on Twitter that they had shut down all adverts on their site pending clarification by the Ad source. Etherscan on its part has blocked all 3rd party connections for the time being.
A Bad Time for Crypto
These sets of incidents could not have happened at a worse time. Investors are still smarting from the recent implosion of Terra coins and the sweeping market dip. Events like these only aggravate the tension.
More interestingly, phishing attacks have risen astronomically in the past few months. And attacks like this one are becoming more prominent since the OpenSea fiasco in February.