$850 Million Airdrop Meets Fraud and Spoofing
Key Takeaways
- Wormhole’s governance token, W, was launched in an $850 million airdrop and attracted the attention of scammers who created fake accounts to post malicious links.
- After the airdrop announcement, the parody token called “warmhole” rose in value, quickly rising from a value of around $100,000 to a whopping $8.3 million.
- The airdrop initially included qualifications to the hackers behind the 2022 Wormhole bridge exploit.
Cross-chain bridging platform Wormhole recently launched We have launched an $850 million airdrop of W, our newly minted governance token.
The event quickly attracted the attention of investors and cryptocurrency enthusiasts, as well as scammers and memecoin creators.
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On April 3, the W token debuted on the Solana-based decentralized exchange. open book exam, boasting an initial market capitalization of $3 billion. At the time of writing, Its value was down 28.5% to $1.18. In airdrop 674 million tokens were delivered, It is 6.75% of total supply.
Immediately after launch, scammers and hackers attempted to exploit the airdrop event. Cryptocurrency detective ZachXBT highlighted this issue, noting: Scammers set up fake wormhole accounts. Some have even obtained certification marks for posting malicious links.
Moreover, in this event Parody Token, “Wormhole” We have experienced an astronomical increase in value. It was initially valued at around $100,000, but in less than six hours its market capitalization soared to $8.3 million.
One of the most controversial aspects of airdrops is: Qualifications of the hackers responsible for the Wormhole bridge exploit in 2022; This resulted in a loss of $321 million. The Wormhole team later solved this problem as follows: Your wallet address is no longer available.
Wormhole’s airdrop event not only demonstrated tremendous interest in new cryptocurrency tokens, but also highlighted the risks and challenges associated with managing large-scale token distribution.
In other news, Solana-based decentralized finance (DeFi) platform Kamino also announced a KMNO token airdrop.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
With nearly 10 years of experience in the fintech industry, Aaron understands all of the biggest issues and challenges cryptocurrency enthusiasts face. He is a passionate analyst with an interest in data-driven and fact-based content, as well as content targeting both Web3 native users and industry newcomers.
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