Rampant Scams on Arbitrum Airdrop Hype

As the day for Arbitrum Airdrop draws closer, a lot of fake news and scams are emerging on the market. Most of these scams and even attacks are pouring resources into Arbitrum’s new token ARB. Apparently, the hype for ARB is too big for everyone to miss out on. So, what exactly is happening? Learn all about What is Arbitrum now!

Fake Twitter Accounts on Arbitrum Airdrop

There is a surge in phishing schemes revolving around ARB airdrops. These schemes aim to deceive users and trick them into giving away their sensitive information. Recently, Scam Sniffer, a web3 anti-scam tool, issued multiple warnings about more than 273 phishing sites related to Arbitrum, since the token airdrop announcement was made. This was before the March 23 release revelation.

On March 19, Redefine, a blockchain security startup, also discovered a website posing as an official Arbitrum airdrop website. The website requests users to provide access to their cash, which is likely to result in con artists stealing the victim’s wallet contents.

Meanwhile, CertiK, a blockchain security firm, also alerted the public about a fake Arbitrum Twitter account called “arbitrum launch.” This account was promoting a token airdrop and trying to deceive users. CertiK cautioned users to stay away from the account and not interact with it to prevent any potential losses. The firm’s warning highlights the importance of being cautious and only interacting with verified accounts and trustworthy sources to safeguard your cryptocurrency.

Potential Hacking and Attacks on Arbitrum Airdrop

Aside from phishing scams on crypto users, more attacks and manipulations are taking place as well. Crypto security researcher X-explore conducted an analysis and found flaws in Arbitrum’s Sybil detection rules. It was exploited by over 279,328 same-person addresses and 148,595 Sybil airdrop addresses. This led to at least 4,000 Sybil communities taking advantage of the situation and profiting from over 253 million tokens, which is 21.8% of the airdrop.

Moving on, a recent tweet by Arkham mentions a hacker sending money (gas) to around 2,400 wallet addresses. These wallets then approve some ARB tokens as they are waiting for an airdrop. This gas sent to the wallets will help in receiving and sending out the ARB airdrop. Nansen, the company in charge of the airdrop, has marked the hacker’s wallet address as an Arbitrum Airdrop Exploiter. The wallet is believed to be targeting approximately 1.5 million ARB tokens.

Conclusion

Users must be vigilant and cautious when interacting with new cryptocurrency projects and airdrops. It’s crucial to verify the authenticity of the projects and ensure that the platforms and communities are trustworthy and reliable to protect your investments. Furthermore, it is best to only obtain any sort of tokens on a website you can trust. For instance, MEXC is the place for all your crypto needs!

Check out Arbitrum now and check your airdrop eligibility! it is also high time you check out our MEXC trading page and find out what we have to offer! You can learn more about crypto industry news and interesting articles to get you up to speed with the crypto world. Happy trading!