A Luna announcement frenzy caused considerable chaos on Twitter across the weekend, but there was just one problem. While TerraForm Labs CEO Do Kwon has revealed a Luna recovery plan, no "huge Luna announcement" had actually been scheduled.
After the Luna crypto crash saw Luna drop below $0.01, many social media handles popped up with Terra Luna in their name, promoting potential announcements. These ranged from the standard "moon" posts shared on Twitter, to some more malicious ones.
So, here's a closer look at the facts around the Luna announcement rumours.
Is A Terra Luna Announcement Coming?
TerraForm Labs has not given any indication that a huge announcement is coming, despite many social media posts suggesting otherwise.
Luna's steep price crash has brought in a new wave of Luna-central Twitter accounts, posting about how Luna will return to its previous heights and the standard messaging often used on Crypto Twitter.
However, several Twitter handles were flagged by users for potentially hyping a fake Luna announcement. These announcements urged investors to wait for a big announcement and prompted them to prepare USDT on Binance, for example. Only no announcement would actually come.
Elsewhere, some accounts started promoting alternative cryptocurrencies alongside Luna, dubbing them Luna 2.0. These coins, which had no link to Luna, or the Terra ecosystem, quickly "pumped and dumped" after seeing their prices initially soar.
Already under severe scrutiny from a community that has seen its market cap drop by the billions, Terra quickly issued its own statement regarding impersonation.
The update confirmed that there are many crypto Twitter handles broadcasting fake announcements. Terra alerted users to use discretion while viewing such news. It warned users to be on the lookout for scams using the Terra or Luna branding. This remains popular as Luna continues to trend on Twitter following the collapse.
Of course, a Terra Luna announcement will come at some point, but nobody knows when - or what - is next for the Terra ecosystem. Ongoing discussions surrounding a Luna fork to revive Terra are likely not to end for some time. All Luna holders can do until then is wait.