The recent Wormhole airdrop, distributing $850 million in tokens, has attracted scammers amid the launch of the native governance token, W. Fraudulent accounts have emerged, exploiting the airdrop excitement, while the official Wormhole founder's account was compromised, promoting malicious links. Despite concerns, the W token officially launched on Solana's OpenBook exchange with an initial price of $1.66, but has since dipped in value to $1.21.
Wormhole Airdrop Entices Scammers Amidst Launch of Native Governance Token
The highly anticipated $850 million airdrop from Wormhole, a cross-chain bridging platform, has ignited a surge of fraudulent activity as crypto scammers exploit the excitement surrounding the launch of its native governance token, W.
Blockchain investigator ZachXBT uncovered a wave of convincing scam accounts capitalizing on the airdrop announcement, some adorned with "gold checkmarks" for an air of legitimacy. Even the official Wormhole founder's account, operated by Robinson Burkey, fell victim to a compromise, with malicious links to potential wallet-draining sites posted hours after the airdrop's unveiling. Burkey's account was promptly privatized to limit further damage.
On April 3, the W token made its official debut on the Solana-based decentralized exchange OpenBook, opening at $1.66. Since then, the token's value has declined, currently trading around $1.21 with a market capitalization of $2.17 billion. W's launch also extended to major centralized exchanges, including Binance, OKX, and Bybit, where it amassed a staggering $1.58 billion in trading volume on its first day of trading, propelling it to the 12th spot among the most actively traded tokens.
As part of the airdrop distribution, Wormhole allocated a generous 674 million tokens, representing 6.75% of the total supply, to eligible participants. This translates to an approximate $896 million in value for those who fulfilled the airdrop criteria. Currently, the W token is exclusive to the Solana network, but Wormhole has plans to expand its availability to the Ethereum network as an ERC-20 token and eventually integrate it with other layer-2 solutions.
Amidst the enthusiasm surrounding the airdrop, it is imperative to remain vigilant against the surge of fraudulent activity. Scammers often capitalize on landmark events within the crypto sphere to prey on unsuspecting individuals. Exercising caution, verifying official sources, and refraining from engaging with suspicious accounts and links are essential measures to safeguard against these malicious attempts.
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