The Lepcha name for this caterpillar is called 'Pachek - bu'.
Pachek means an individual who wanders and eats.
It also means 'Almost' for example if you use it in a sentence - I almost got killed!!

Apparently Pachek-bu used to be eaten by hunters strolling by, whenever anyone comes by they start waggin their lower part of the body vigorously.
Legend says that they made negotiations with the hunters that whenever they moved their body like that they spoke to the hunters convincing them that they should leave them this time and should come tomorrow when they would be fatter and juicier as they are voracious eaters, only for the hunters to realize that they were fooled as they would never be seen in the same spot twice.