Crypto scammers, hackers and memecoin enthusiasts are scrambling to get in on the $850 million Wormhole airdrop, which will see 674 million W tokens distributed to eligible users.
W is the native governance token of the cross-chain bridging platform and was launched on April 3. The token started trading on the decentralized exchange OpenBook on the Solana blockchain at $1.66, with a market cap of $2.98 billion and a total issued market cap of $16.5 billion.
The price of the W token has fallen by 15% in the past 24 hours and is currently trading at $1.17 (3:55 am EST). Its market capitalization has also fallen to just over $2.1 billion, with a total issued market capitalization of approximately $11.72 billion.
Scammers used the Wormhole airdrop to quickly defraud unsuspecting victims. Independent on-chain analyst ZachXBT revealed that the post about the official Wormhole airdrop was attacked by a "large number" of scammer accounts. Many of these fake X accounts even added a golden checkmark next to their names.
Be careful, there are a lot of accounts with golden ticks in the replies posting phishing scams.
pic.twitter.com/ioJufnktuP
— ZachXBT (@zachxbt)
April 3, 2024
The account of Wormhole founder Robinson Burkey was also hacked. Once in the account, the attacker began posting multiple links to suspected empty wallets a few hours after the airdrop announcement. Due to the existence of malicious links, the comment function of the X account has been disabled.
Comments are disabled due to malicious links.
— Robinson (, ️) (@RobinsonBurkey)
April 3, 2024
Memecoin developers also took advantage of the airdrop event, with a parody token called “Warmhole” being launched immediately after the Wormhole airdrop announcement.
A few hours after its release, the memecoin’s market cap quickly soared from around $100,000 to a peak of $8.3 million, a gain of 830,00% in less than six hours.
One user, X, joked that if the Wormhole airdrop participants sold the tokens they received and used the proceeds to buy Warmhole, they would become billionaires.
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