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Beware of Scams: Arbitrum Airdrop Targeted by Fraudulent Websites and Phishing Scams

Key Takeaways
  • There is an ongoing airdrop for the Arbitrum network, a layer 2 scaling solution for Ethereum
  • Fraudulent websites and phishing scams are targeting individuals with the promise of receiving free Arbitrum tokens
  • Individuals should be cautious and only interact with trusted sources to avoid falling victim to these scams
20-Mar-2023 By: Simran Mishra
Beware of Scams: Arb

The Arbitrum airdrop has become a target for fraudulent websites and phishing scams. The Arbitrum airdrop is a highly anticipated event in the crypto community and scammers

The upcoming Arbitrum Airdrop, which is Ethereum's layer-2 scaling solution, has become a target for scammers. The community has reported hundreds of phishing scams aimed at tricking crypto users, and caution is advised. The airdrop, which is scheduled for March 23, will distribute 10 billion governance tokens via a token airdrop, allowing holders to vote on code changes.

Several security firms, including Redefine, CertiK, and Scam Sniffer, have identified fraudulent websites, Twitter accounts, and phishing sites related to Arbitrum. The community has been advised to remain vigilant and exercise caution when participating in token airdrops. Users should always verify the authenticity of the website and not share their private keys or seed phrases with anyone.

The Arbitrum Foundation has implemented a points system to determine who can claim the token airdrop and how many they can claim. Qualifying actions for the airdrop included completing more than four transactions or interacting with at least four smart contracts, bridging funds into the chain Arbitrum One, and depositing more than $50,000 of liquidity into Arbitrum. Out of the 2.3 million wallets bridged on the Arbitrum One chain before February 6th, only 625,143 wallets met the eligibility criteria for the airdrop.

Nansen, a blockchain analytics firm, collaborated with Arbitrum to establish the eligibility criteria for the airdrop. Organic activity earned positive or negative points, which determined the number of tokens a wallet received in the airdrop. This collaboration highlights the importance of establishing clear and fair criteria for airdrops to ensure that the distribution of tokens is equitable and rewards those who actively engage with the platform.

In conclusion, the crypto community must remain cautious and vigilant when dealing with cryptocurrency and avoid falling victim to scams. The recent surge in scams related to the Arbitrum Airdrop highlights the need for security measures and clear eligibility criteria for airdrops. By doing so, it ensures that the distribution of tokens is fair and rewards those who engage with the platform.

Also read - Flagstar Bank Takes Over Non-Crypto Deposits and Loans of Signature Bank

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