Don’t fall for it! MetaMask warns users of a fake airdrop

MetaMask has issued a warning regarding yet another crypto scam. Bogus airdrop announcements have been circulating in social media, luring potential victims.

Bitcoin token on a hook

MetaMask posted a tweet cautioning users about false rumors regarding an alleged airdrop to take place on March 31. The hearsay, distributed in the social media, is 100% fake and poses a security risk, creating opportunities for scammers and phishers. The crypto wallet provider advises users to be alert to fake sites in the coming days.

Indeed, it doesn’t take detective Poirot to figure out something fishy is going on. A quick Twitter research produces a bunch of accounts touting fake token giveaways. Here’s one of the first results for the “MetaMask airdrop” phrase:

Airdrop scams have been a plague in the crypto industry, with many users falling for the ploy. Legitimate airdrops allow fintech companies to promote their projects and engage early adopters, providing them with opportunities to earn money or gain access to blockchain-based services.

Read also: MetaMask introduces new features to address privacy concerns

Essentially, airdrops boil down to handing out gifts in the form of tokens. No wonder they can lure many users, exposing them to security and privacy risks, as many find it hard to tell the difference between a legit marketing initiative and a fraudulent scheme.

The web teems with stories about bogus airdrops, with new scams popping up like mushrooms. One of the recent examples is the Blur token airdrop scam, whereby over $300,000 was stolen from users who linked their wallets to malicious websites.

Frequently, scammers manage to get away with much bigger loot. Last year, thieves targeting users of Uniswap exchange managed to swindle $8 million in bitcoins and ether from just two victims.

On the other hand, real airdrops can yield serious profits for the participants. Also last year, Bored Ape Yacht Club owners enjoyed a crypto windfall of about $100,000 for each owned ape NFT.