Wormhole’s massive airdrop attracts scams, fraudulent tokens and a $3 billion valuation

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Blockchain bridge project Wormhole launched a massive airdrop of its W token, attracting competition from scammers, fraudulent tokens and a $3 billion valuation.

Airdrop the Wormhole

Wormhole launched its airdrop in April 2024, distributing 674 million W tokens to users who met the protocol’s eligibility requirements. The airdrop has a current value of $896 million for users who have met the eligibility requirements. The W token is currently only available on the Solana network, but the project has announced that it will soon be available on the Ethereum network as ERC-20 and on other second-tier networks.

Scams and fraudulent tokens

The airdrop announcement attracted the attention of scammers, hackers and opportunistic memecoin developers. A fraudulent token named “warmhole” was launched immediately after the airdrop announcement, which quickly reached a market capitalization of $8.3 million, an increase of 83,000% in less than six hours. One user suggested that recipients of the Wormhole airdrop should have immediately exchanged their new W tokens for the Warmhole token, which could have generated additional profits.

Conclusion – Wormhole’s massive airdrop

Wormhole’s massive airdrop has attracted the attention of scammers, hackers and fraudulent token developers, as well as a $3 billion valuation for its W token. The project announced that it would soon be available on other second-tier networks and on the Ethereum network, which could increase interest in the W token and the associated fraud opportunities.

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