- The highly anticipated $850 million airdrop event by cross-chain bridging platform Wormhole has drawn the attention of crypto scammers.
The highly anticipated $850 million airdrop event by cross-chain bridging platform Wormhole has drawn the attention of crypto scammers.
The platform recently released its native governance token, W, leading to a surge in fraudulent activities.
Blockchain investigator ZachXBT pointed out that the official announcement of the airdrop on X was bombarded by numerous convincing scam accounts, some even sporting “gold checkmarks” to appear legitimate.
Be careful there are tons of accounts with gold checkmarks in the replies posting phishing scams. pic.twitter.com/ioJufnktuP
— ZachXBT (@zachxbt) April 3, 2024
Additionally, the official X account of Wormhole founder Robinson Burkey was compromised, with the founder posting malicious links to suspected wallet-draining sites hours after the airdrop was revealed.
Burkey’s account has since been made private to mitigate further damage.
The W token was officially launched on April 3 on the Solana-based decentralized exchange, OpenBook, with an initial price of $1.66.
However, the token’s price has dipped and is currently trading at $1.21, with a market capitalization of $2.17 billion.
W also launched on the top centralized exchanges like Binance, OKX and Bybit, and saw over $1.58 billion in trading volume in its first day, making it the 12th most traded token.
As part of the airdrop, Wormhole allocated 674 million tokens, equivalent to 6.75% of the total supply, to eligible participants.
This puts the total value of the airdrop at $896 million for those who met the airdrop requirements.
While the W token is currently available only on the Solana network, Wormhole plans to make it accessible on the Ethereum network as an ERC-20 token and other layer-2 networks in the future.
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