Wormhole airdrop attracts scammers, spoof tokens and a $3B valuation

The NFT Unicorn a988683e-09c9-461b-8c0c-55796695dccf Wormhole airdrop attracts scammers, spoof tokens and a $3B valuation Crypto News

Crypto scammers, hackers, and meme-coiners have flocked to a massive $850 million airdrop event from cross-chain bridging platform Wormhole, which today released its native governance token (W).

In an April 3 post to X, independent blockchain sleuth ZachXBT noted that Wormhole’s official post announcing the airdrop was targeted by “tons” of convincing scam accounts, many of which sported “gold checkmarks.”

Source: ZachXBT

The official X account of the Wormhole founder Robinson Burkey also suffered an attack that saw the founder begin posting malicious links to suspected wallet drainers several hours after the airdrop was announced. Burkey’s account has since been made private.

The NFT Unicorn 0cdb2591-42ac-42b1-bbc8-07364981a2e3 Wormhole airdrop attracts scammers, spoof tokens and a $3B valuation Crypto News
Source: Robinson Burkey

The W token officially launched on April 3 at a price of $1.66 on the Solana-based decentralized exchange (DEX) OpenBook, commanding a total market capitalization of $2.98 billion at launch.

The token’s price has since fallen 19.5% and is currently trading at $1.34.

The bridging protocol set aside 674 million tokens — 6.75% of the total supply — for the airdrop, meaning that the current total value of the airdrop stands at $896 million for users who met the protocol’s eligibility requirements.

The NFT Unicorn 1c1fb8f8-8468-4c20-aaf6-e68b5672b708 Wormhole airdrop attracts scammers, spoof tokens and a $3B valuation Crypto News
Wormhole token price action since launch. Source: CoinGecko

Related: Largest Ethena airdrop recipient gets nearly $2M

Wormhole’s W token is currently only available on the Solana network, however, the project has shared that it will soon be made available on the Ethereum network as an ERC-20 token and other layer-2 networks at a late date.

Spoof ‘warmhole’ memecoin takes off

The wormhole airdrop event didn’t escape the gaze of opportunistic memecoin developers, with one parody token dubbed “warmhole” being launched immediately following the announcement of the airdrop.

The Warmhole memecoin rapidly shot from a market cap of around $100,000 at launch to a peak value of $8.3 million — an approximate gain of 83,000% in less than six hours.

One user jested that if Wormhole airdrop recipients had immediately traded their new W tokens for the Warmhole memecoin, they would been made billionaires.

The NFT Unicorn 39067524-9089-4fea-8a4d-616cbe993d99 Wormhole airdrop attracts scammers, spoof tokens and a $3B valuation Crypto News
Source: David G

Magazine: ‘SEAL 911’ team of white hats formed to fight crypto hacks in real time



Source: Cointelegraph