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In the last few years, cryptocurrency airdrops have become a popular marketing strategy for blockchain projects for distributing free coins to potential users and investors. However, the increase in airdrop popularity has also led to a concerning increase in airdrop scams. According to Scam Sniffer, in 2023 alone, $300 million was lost to phishing scams. This article explores what are airdrop scams, how they are executed, and how you can protect your assets from these fraudulent schemes. 🚨 Scam Sniffer’s 2023 Report is out! Nearly $300M stolen by phishing campaign targeting crypto wallets – affecting over 324K victims. 🕵️‍♂️ 📈 Trends show no sign of slowing, as new drainers emerge to replace the old. Stay vigilant & informed:https://t.co/IncLeS7j2j — Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) January 1, 2024 What Are Airdrop Scams? In short, Airdrop scams are fraudulent schemes specifically designed to deceive crypto users by alluring them using fake airdrops. Naïve users very easily fall in trap when they suppose receiving giveaways of tokens. These scams primarily exploit the allure of free coins to trick unsuspecting beginner level crypto holders into connecting their cryptocurrency wallets to their malicious websites. Once connected, the assets are transferred to fraudsters. Crypto transactions are irreversible so users never get their money back. How Airdrop Scams Work Airdrop scams typically involve phishing techniques that lure users to malicious websites. Here are some commonly used methods: Fake Airdrop Promotions Scammers mostly set up phishing websites that mimic legitimate airdrop promotions and advertise them through social media and messaging platforms. These fake promotions promise free crypto tokens in exchange for participation in their airdrop. Once a user expresses interest, scammers request personal information, wallet address, and even private keys. Resultantly, instead of receiving tokens, victims often find their wallets drained cleanly. Impersonation Scammers sometimes impersonate well-known…

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Filed under: News - @ May 25, 2024 11:04 pm