The community is warning others to continue to be vigilant after reports of phishing sites and scams offering Arbitrum Airdrop tokens.
Ethereum Layer 2 Scaling Solution Arbitrum’s upcoming “ARB” token dump appears to be a popular target for scammers. The community has been warned of hundreds of phishing scams designed to defraud cryptocurrency users.
The airdrop, announced March 16 by the Arbitrum Foundation, will send 10 billion management tokens through the token airdrop so that holders can vote on code changes. It is scheduled to air on March 23.
Unfortunately, the development has led to more than a few attempts by scammers to set up fake tokens to steal money from victims ahead of the official event.
In a March 19 post, blockchain security firm Redefine reported that it found a website impersonating the official Arbitrum airdrop website. The screenshot shows a website asking users for permission to access their funds. This can result in scammers emptying their wallets.
Another blockchain security firm, CertiK, pointed to Arbitrum’s fake Twitter account – “arbitrum_launch” – advertising airdrop tokens. He warned users against interacting with him.
Meanwhile, Reddit user u/CryptoMaximalist It posted a thread on March 19 warning that “scammers hope to exploit the complexity of cryptocurrencies. and users are excited about free money”
According to u/CryptoMaximalist, They found a fake Arbitrum Twitter profile with a link to the fake Arbitrum website, suggesting everyone check the user’s profile and bio. And check for spam links in multiple subreddits before clicking on shared links.
Last week, Web3’s anti-fraud tool Scam Sniffer told Twitter followers that it had detected more than 273 Arbitrum-related phishing sites since the token release was announced. And that number is expected to rise before it officially drops on March 23.
According to the Arbitrum Foundation, a points system is used to determine who can receive Airdrop Tokens and how many can be claimed.
Related: Navigating the world of Cryptocurrency: Tips to Avoid Scams
Eligible activities include executing more than four trades or interacting with at least four smart contracts. Combine funds with Arbitrum One chain and deposit more than $50,000 in liquidity with Arbitrum.
Nansen, a blockchain analytics firm that helped develop the criteria in conjunction with Arbitrum, revealed that of the more than 2.3 million wallets linked to the Arbitrum One chain prior to Feb. 6, only 625,143 were eligible for an airdrop.
“Organic activity was rated positive. The number of tokens received by the wallet during the broadcast is a function of the number of points collected,” Nansen explained in a tweet on March 16.
