Arbitrum community warned of fake airdrops

The impending “ARB” token airdrop hosted by Arbitrum looks to have become a favorite target for con artists.

The community has issued warnings about hundreds of phishing schemes that are targeted at fooling cryptocurrency users.

Multiple warnings issued on fake airdrops

Before the March 23 date release revelation, web3‘s anti-scam tool Scam Sniffer informed its Twitter followers that it had already spotted more than 273 phishing sites connected to Arbitrum since the token airdrop was announced.

In a post dated March 19, the blockchain security startup Redefine said it had discovered a website pretending to be an official Arbitrum airdrop website.

The images demonstrate that the website prompts users to provide access to their cash, which would most likely end in the con artists emptying the victim’s wallet of its contents.

Another blockchain security company, CertiK, brought attention to a bogus Arbitrum Twitter account with the user name “arbitrum launch,” which promoted a token airdrop. It has warned users to prevent them from interacting with it.

On the other hand, on March 19, a user on Reddit called CryptoMaximalist created a thread warning that scammers are attempting to profit from the intricacy of crypto and that people are enthusiastic about free money.

According to CryptoMaximalist, they discovered bogus “Arbitrum” Twitter accounts that linked to false Arbitrum websites, warning users to be wary of clicking on links published across many subreddits without first verifying their legitimacy.

What is the Arbitrum airdrop?

The airdrop, announced in a post by the Arbitrum Foundation on March 16, will distribute 10 billion governance tokens via a token airdrop. This will provide token holders with the ability to vote on modifications to the code. The airdrop is scheduled for March 23.

The Arbitrum Foundation claims that a scoring system was utilized to decide who was eligible for the token airdrop and how many tokens each participant may get.

Doing more than four transactions or dealing with at least four intelligent contracts, bridging money into the chain Arbitrum One, and putting more than $50,000 into Arbitrum were all required.

The criteria were developed with Arbitrum and the blockchain analytics company Nansen. It was recently discovered that only 625,143 of the more than 2.3 million wallets bridged on the Arbitrum One chain before February 6 are eligible for the airdrop.