Wormhole Airdrop Unleashes Crypto Frenzy, Scammers Cash In

Wormhole's much-anticipated airdrop generated significant attention, with its native token initially plunging 25% before recovering over 10%. Reaching a peak of $1.66, the token fell to $1.25 before rebounding to $1.50 at press time. Trading volume topped $17 million, attracting the interest of notable figures like Beeple. However, the airdrop also drew opportunists attempting phishing scams, prompting warnings from DefiLlama, ZachXBT, and Pocket Universe.

Wormhole's Airdrop Sparks Crypto Frenzy, Attracts Scammers

On Wednesday, Wormhole's highly anticipated airdrop captivated the crypto community, triggering a rollercoaster of price fluctuations and attracting the attention of scammers.

Wormhole's native token, after reaching a high of $1.66 at 7:46 a.m. ET, embarked on a sharp decline, plummeting by nearly 25% to $1.25 just two hours after the 7:30 a.m. ET airdrop. However, the token's fortunes turned, and by 1:01 p.m. ET, it had rebounded over 10%, trading at $1.50.

Trading volume surpassed $17 million, according to CoinGecko data, reflecting the heightened market activity surrounding the airdrop.

The buzz generated by Wormhole's airdrop extended beyond price action. Renowned digital artist Beeple ignited excitement by showcasing Wormhole-inspired artwork to over 780,000 followers.

Scammers Exploit Enthusiasm

The massive interest in the airdrop also attracted the unwelcome attention of phishing scammers eager to capitalize on the heightened activity.

X @0xngmi from DefiLlama brought attention to suspected scams circulating online through a series of posts on Twitter. Internet sleuth ZachXBT also raised the alarm, warning of potential scams exploiting the surge of interest in Wormhole.

"Be careful, there are tons of accounts with golden checkmarks in replies posting phishing scams," ZachXBT cautioned on Twitter.

Pocket Universe, a browser extension safeguarding users from online scams, echoed this concern, revealing that "hundreds of fraudulent comments" were intercepted under the guise of the Wormhole drop claim.

Eligibility and Token Distribution

Close to 400,000 wallets met the criteria for claiming 678,823,000 Wormhole tokens, equivalent to 6.78% of the total 10 billion token supply. The ERC20 and Solana SPL tokens boast an estimated initial circulating supply of 1.8 billion.

Wormhole's impressive funding round last year, which drew $225 million from prominent cryptocurrency venture capital firms, propelled its valuation to $2.5 billion.

Crypto Giants Invest in Wormhole

The airdrop's impact extends beyond its immediate price fluctuations. It underscores the growing significance of Wormhole, which boasts a roster of high-profile investors, including Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, and Borderless Capital.

Wormhole's mission to facilitate cross-chain token transfers and liquidity has garnered significant industry support, solidifying its position as a key player in the evolving decentralized finance landscape.