Fishing Traps in the Crypto Airdrop Tutorial
Author: Bitrace Airdrops are marketing events in which DeFi protocols distribute tokens for free to early active community members as a way to reward their early support and encourage continued use of the protocol. For example, on March 23rd, the Layer 2 protocol Arbitrum conducted an airdrop in which 625,000 individual active wallets received nearly 1.16 billion $ARB tokens, with each address receiving between 625 and 10,250 tokens. Based on the $ARB price of $1.63 at the time, each address received between $7,000 and $114,900 worth of tokens. The wealth effect of $ARB attracted more newcomers to join the army of people trying to get airdrops. However, due to newcomers’ lack of experience with on-chain protocols and unclear background and positions of unreleased projects, it can be challenging to predict a project’s token release time, expectations, and the interaction rules for airdrops. To guide these newcomers, KOLs started writing airdrop tutorials. Consequently, various airdrop tutorials came, simultaneously giving space to numerous malicious actors providing phishing links under the guise of these tutorials. According to the victim, they saw a message in a group chat about “ArbitrumSwap 1000 limited OAT with airdrop expectations” and clicked on the link to follow the tutorial and interact with the project. As a result, the victim’s USDT permissions were granted to a high-risk contract, and 5000 USDT was stolen. Currently, Arbitrum_Swap has closed its social media accounts and website. However, it is difficult to estimate the scope and speed of the dissemination of the airdrop tutorial in this situation. Once it is shared through group chats, it is extremely difficult to retract and remedy the situation. After tracking the on-chain situation, it was discovered that the ArbitrumSwap tutorial scam has caused financial losses to 67 addresses, with a total of 158,045.64 USDT stolen. Coincidentally, similar scams have also appeared on other social platforms. On April 18th, a KOL guides users to interact with the Orbiter cross-chain bridge but embeds a phishing website in the tutorial. The real website for the protocol is orbiter.finance, while the phishing tutorial uses orblter.finance. Due to the large reader base of this scammer, as of the incident, more than 30 ETH in losses have occurred. Currently, the KOL has deleted their personal account, and Bitrace is assisting some Chinese victims in reporting the case to police. Airdrop Scam Technique Analysis Essentially, airdrop tutorial scams are still phishing scams. Their methods involve guiding unsuspecting airdrop participants step-by-step into phishing websites, interacting with high-risk contracts to deceive victims into granting token permissions, and then using these permissions to steal tokens. In traditional phishing scams, malicious links often appear as counterfeit websites mixed in search engines, emails, and social media. Ordinary users usually have a high ability to identify these types of scams. However, in this type of scam, phishing websites are secretly embedded in airdrop tutorials, catching users off guard and targeting web3 newcomers who follow instructions without question. 1、Bitrace reminds you that interacting with on-chain protocols involves risks. Here are some important points to keep in mind: 2、Verify the accuracy of official websites by cross-checking multiple sources. Do not blindly trust search engine website certifications. 3、Be cautious about believing airdrop tutorials and website links posted on the internet. After interacting with an unknown contract, cancel relevant authorizations as soon as possible. 4、Separate your wallets: Use a dedicated wallet for large assets and only interact with other contracts using your everyday wallet. Follow us Wu Blockchain is free today. But if you enjoyed this post, you can tell Wu Blockchain that their writing is valuable by pledging a future subscription. You won't be charged unless they enable payments. |
Key phrases
Older messages
Cryptocurrency entrepreneurs are fleeing Singapore for Bangkok and Hong Kong because of high prices
Tuesday, April 25, 2023
Source:link Singapore is no longer the Promised Land of the middle class. Six months after arriving in Singapore, Wang Feng made a decision to leave Singapore. It took Wang just five seconds to make
Global Crypto Mining News (Apr 17 to Apr 23)
Monday, April 24, 2023
1. It's been only one year since Intel officially announced its Bitcoin-mining Blockscale ASICs, but today the company announced the end of life of its first-gen Blockscale 1000-series chips
Asia's weekly TOP10 crypto news (Apr 17 to Apr 23)
Sunday, April 23, 2023
Author:Lily Editor:Colin Wu 1. Hong Kong's weekly summary 1.1 Hong Kong urged to innovate and make money by Xia Baolong link On April 16, Xia Baolong, the top leader in charge of Hong Kong in
Weekly project updates: Arbitrum passes AIP-1.1 and 1.2, Base mainnet in 2023, Sui mainnet on May 3, etc
Saturday, April 22, 2023
1. ETH's weekly summary a. Ethereum Conference EDCON 2023 to be held in Podgorica, Montenegro in May link Vitalik and other eight members of the EF confirmed to attend the Ethereum Conference EDCON
WuBlockchain Weekly:EU lawmakers approve MiCA、Coinbase CEO may consider leaving US、PEPE sparks buzz and Top10 News
Friday, April 21, 2023
Top10 News 1. EU lawmakers voted 517 in favor of MiCA link On April 20, EU lawmakers voted 517 in favor of MiCA, making it the first major jurisdiction in the world to introduce comprehensive crypto
You Might Also Like
Bitcoin market poised for potential bull trend resumption amid ongoing redistribution phases
Monday, April 29, 2024
Santiment CEO predicts Bitcoin bull trend resurgence post-halving, advises vigilance ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Crypto Market Pulse Weekly – ₿ Bitcoin Hits Record Daily Number of Transactions
Monday, April 29, 2024
$BTC hits record daily number of transactions. Spot $BTC and $ETH ETFs to start trading in Hong Kong on 30 April. Franklin Templeton listed its Spot Ether ETF on US DTCC. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Analysis: What changes have occurred in the L1 Infra track in recent months?
Monday, April 29, 2024
Author: Laobai From ABCDE Edited:Wublockchain Recently in the primary market, the hottest track is undoubtedly AI, followed by BTC. About 80% of the projects discussed daily are focused on these two
Bitcoin Makes History By Becoming The Scarcest Asset In The World
Monday, April 29, 2024
We bring you the top stories in crypto every week! Stories like... Monday April 29, 2024 Sign Up Your Weekly Update On All Things Crypto TL;DR Bitcoin Makes History By Becoming The Scarcest Asset In
Polygon leads in EVM efficiency as DeFi users favor low transaction costs
Sunday, April 28, 2024
DeFi activity analysis finds side chain solutions like Polygon more cost-effective, although Ethereum secures most transaction fees. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Asia's weekly TOP10 crypto news (Apr 22 to Apr 28)
Sunday, April 28, 2024
1. Hong Kong Bitcoin and Ethereum Spot ETF to Launch on April 30 link On April 27, the Hong Kong Stock Exchange announced the inclusion of several ETF shares into the Central Clearing and Settlement
A Path Forward: Retro Funding and Revitalization | BanklessDAO Weekly Rollup
Sunday, April 28, 2024
Catch Up With What Happened This Week in BanklessDAO ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Polkadot community backs SnowBridge for seamless Ethereum integration
Saturday, April 27, 2024
The SnowBridge proposal has enjoyed unanimous community support and could go live in 28 days. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Weekly Project Updates: Binance Launches Renzo on Launchpool, EOS Introduces New Tokenomics, $SAFE Begins Circulat…
Saturday, April 27, 2024
1. Starknet Foundation Announces Airdrop Redistribution of STRK to Three User Categories link The Starknet Foundation has announced that it will distribute STRK tokens through a retroactive airdrop to
OP's Superchain Vision | Layer 2 Review
Friday, April 26, 2024
Quick Reads and Hot Links Covering the People and Projects Who Are Scaling Ethereum ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏