Explained: What is a crypto airdrop and how are people making money from it

What is a crypto airdrop and how are people making money from it

Crypto airdrop is a marketing strategy adopted by crypto startups to promote the project and their new token. It involves distributing their native cryptocurrency to current or potential users' for free. Sometimes, users have to complete simple promotional activities before they can claim, such as following the project's social media account and sharing their posts.

There are different types of airdrops, and each crypto project has its own requirements. But most airdrops share the same goal: increase awareness and overall interest in the project. Some are done directly into users' wallets, while others require a manual claim.

What is a crypto airdrop

Anyone with a cryptocurrency wallet can receive or claim an airdrop, but you should always be careful with scammers. There are many fraudulent airdrops that can steal your wallet funds when you claim or transfer the free tokens. Make sure to confirm the legitimacy of the project before claiming an airdrop. You should be particularly careful when it requires you to connect your wallet to an airdrop website.

Cryptocurrency Airdrop

Airdrops are usually advertised on the company's website and on cryptocurrency forums, and the coins or tokens are only distributed to existing holders of crypto wallets, mainly bitcoin or ethereum wallets. Airdrops, once regarded as an outlandish kind of guerilla marketing, have surged in popularity in the crypto sector since 2017, with countless projects employing the approach to accelerate adoption, urge the community to assist promote a project, or reward loyal users.

List of popular Crypto Airdrop in June

Here are some of the popular crypto airdrops in June. 

DeFiChain Airdrop. Claim $30 DFI for signing up + $10 DFI for each referral.

Morpher Airdrop. Claim 100 MPH (~$5) for free by simply signing up to Tim Draper's 24/7 zero-fee exchange!

1. SwissBorg Airdrop.
2. ChainX Airdrop. 
3. Binance Airdrop. 
4. BlockFi Signup Bonus. 
5. DeFiChain Airdrop. 
6. Morpher Airdrop.

An airdrop, in the cryptocurrency business, is a marketing stunt that involves sending coins or tokens to wallet addresses in order to promote awareness of a new virtual currency. Small amounts of the new virtual currency are sent to the wallets of active members of the blockchain community for free or in return for a small service, such as retweeting a post sent by the company issuing the currency.

Airdrop is becoming an increasingly common word in the world of cryptocurrencies. With many rushing to take part in these, here are the key things you should know about airdrops so you don't feel left out.

By now, most of us are aware of the many cryptocurrencies around us. While the debate upon their use continues, more and more people are getting involved in the crypto world. With this, come more players in the industry and their need to gain traction for their blockchain-based service. A cryptocurrency airdrop has become a very important tool for the same.

pto users that frequently interact with new and existing platforms will likely receive an airdrop at some stage. Airdrops involve blockchain-based projects and developers sending out free tokens to members of their communities as part of a broader marketing initiative.

The main idea is to send newly minted tokens to hundreds or thousands of different wallet addresses with the hope recipients will be more inclined to engage with the corresponding project – even if it’s only to learn how to cash out the free tokens into something else.

This concept is similar to finding a free discount card in your mailbox to encourage you to visit a new store in the area. However, a crypto airdrop isn't predominantly about making the recipient spend money but rather raising awareness for new projects and services.

In most cases, a crypto airdrop is issued to users in exchange for completing a certain task. These tasks often involve things such as:

• Following an account on social media.
• Sharing or retweeting one of their posts, including hashtags.
• Sending or receiving a transaction (using a particular crypto platform or wallet).
• Creating an account and signing up to receive updates.

There are also instances when a crypto airdrop may be issued to users without needing to do anything, as we will highlight below.

Understanding a Cryptocurrency Airdrop

The airdrop is a promotional activity typically performed by blockchain-based startups to help bootstrap a virtual currency project. Its aim is to spread awareness about the cryptocurrency project and to get more people trading in it when it lists on an exchange as an initial coin offering (ICO).

Airdrops are generally promoted on the company's website, as well as on cryptocurrency forums, and the coins or tokens are sent only to current holders of crypto wallets, usually those of bitcoin or ethereum.

To qualify for the free gift, a recipient may need to hold a minimum quantity of the crypto coins in their wallet. Alternatively, they may need to perform a certain task, such as posting about the currency on a social media forum, connecting with a particular member of the blockchain project, or writing a blog post.

A legitimate crypto airdrop never seeks capital investment in the currency. Its aim is purely promotional. On other hand, some crypto scams involve sending micro amounts of bitcoin or other cryptocurrencies to unsuspecting recipients in what is known as a dusting scam. Users should always be vigilant about unsolicited deposits into their crypto wallets.

So, what is an airdrop ? In essence, an airdrop is just what you have seen in the many games you play online, a promotional giveaway to players to keep them engaged. Crypto airdrops do this by giving away free crypto coins or tokens related to the service. In return, they usually ask the participants to promote their service on various social media platforms.

There have been numerous airdrops to date, with several of them still lined up for the coming weeks. Most cryptocurrency investors have had an encounter with one or the other platform's airdrop in the past. In case you have too, but are not quite sure what it means, here is your guide to understanding what crypto airdrops are and how they work.

Why Crypto Supporters Love Airdrops ?

Most crypto enthusiasts, especially those with small to no crypto holdings, love airdrops simply because they see them as free money. And in some cases, these free monies could appreciate over time or surge suddenly, providing immense profits at zero capital.

Initially, airdrops usually benefit the issuing company more, but recipients of the free coins can occasionally be in for a treat later on. It’s a win-win situation. Here are three perfect examples of successful airdrops.

3 Lucrative Crypto Airdrops

Uniswap (UNI) Airdrop

In 2020, Uniswap, the world’s most popular decentralized exchange (DEX), airdropped its native asset, UNI, to all wallets that had used its platform and performed at least one transaction prior to Sept. 1, 2020. An eligible account received 400 units of the base asset. During the event, most recipients quickly dumped their airdropped token, and UNI changed hands at $2-$4.

Those who “held on for dear life” (HODL) were richly rewarded for their patience and loyalty as the exchange token’s value soared with others in the DeFi ecosystem, climbing from $2 to a current $30 as of April 2021. As such, those of you with hands of steel are now sitting on a nice little nest egg of $12,000 from UNI alone (Sadly, this author sold his airdropped tokens at $3!). 

Ontology (ONT) Airdrop

In 2018, Ontology airdropped its native cryptocurrency, ONT, to NEO investors as well as 1,000 ONT for people who simply signed up for its newsletter. In part, the event wanted to reward NEO blockchain users for supporting it during its fundraising. The total amount of airdropped coins was 10 million, worth approximately $42 million and trading at $4.2 per coin at the time. The token later shot up to nearly $11, amid a deepening bear market no less, bringing the airdropped coins to a valuation of $100 million. Sadly, that was the peak time to sell, kids. ONT has since retraced to a more modest value, and currently sits just shy of $2. 

1inch Airdrop

In December 2020, the 1inch DEX airdropped 90 million 1INCH tokens to more than 55,000 addresses. To be eligible, an address needed to have traded at least $20 or made four trades before the airdrop day. At launch, the price of 1INCH was about $2.7. Fast forward to April 2021, and the coin trades at slightly above $6. 

There was one particular address that received a crazy 10 million tokens (9,749,686) during the date of the airdrop, as a reward for its support. That stash is presently worth $60.4 million in April, an increase of approximately $33 million in less than five months.

5 Reasons Why Crypto Projects Do Airdrops

Crypto projects give out generous bounties through airdrops because they are the biggest beneficiaries of such events. Let’s explore the fundamental reasons why crypto startups conduct airdrop programs.

Creating Awareness

Spreading awareness is the primary reason why blockchain startups conduct airdrops. In the early days of crowdfunding, ICOs took center stage. However, problems soon arose. A flood of startups emerged during this gold rush, often with only a flimsy and partially plagiarized white paper in hand, oversaturating the market and jading investors.

Also, countries like China outright banned ICOs and regulators like the SEC began to target ICOs dealing with domestic U.S. investors. Soon, new projects needed a more alluring and legal method to create hype.

The answer was simple. Just hand out free coins. The popularity of airdrops led many crypto supporters to go on a shilling spree, promoting projects in order to get airdrops and “pump their bags.” Anyone active on social media’s crypto scene can probably agree that airdrop recipients are some of the most vocal advocates a project can hope for. For crypto startups, it was a match made in heaven, since it allowed them to grow their community organically by simply shelling out a small portion of their tokens.

Rewarding Users

A sad reality is that many investors in the crypto ecosystem are only out for the highest return on investment (ROI) and don’t care about a project’s long-term sustainability. Therefore, they hop from one project to another, dumping their heavy bags after a pump and making huge profits off the back of small-time investors without providing any actual value to the protocol. In fact, this type of behavior can actually damage a crypto platform.

To counter this, some startups conduct airdrops to distribute free coins in order to reward loyal users who either use their platforms or continue to hold a specific amount of tokens in their wallets for certain periods. 

Decentralizing Token Distribution

Deep-pocketed investors may take advantage of their disparate wealth and secure bargain prices during a coin's early days, allowing them to hoard a significant amount of its circulating supply. The problem is that large amounts of coins in the hands of a few create centralization, which is currently one of Dogecoin’s main drawbacks. 

In such cases, projects can opt to conduct airdrops in order to balance out a token’s distribution.

Attracting Investments

Crypto airdrops are followed by token offerings in most cases, whether they be ICOs, IEOs, IDOs, etc. A clever way to boost the funds raised without spending too much on marketing is through airdrops, as this strategy is tied to creating awareness.

When a project launches and conducts an airdrop, the generated buzz, if successful, helps drive the price of a token upwards as most recipients would shill projects that give them free money. Especially in today’s online economy, where every interaction metric can be measured and used to attract investors, such as trending Google search terms, social media brand mentions and community followership count on Twitter and Telegram, big investors or “whales” use these analytics as an investment weathervane to gauge a project’s future prospects. Therefore, an airdrop, which significantly increases community engagement, could seriously boost the company's overall capital for only a proportionally small amount of tokens allocated to the airdrop.

Learning More About Its Community

As an added bonus, airdrops allow projects to collect data from the crypto community since some of them require recipients to fill a form providing personal details such as email, social media and their views on crypto projects. With this information, a project's team can make targeted marketing campaigns.

What are the pros and cons of crypto airdrops ?

Crypto airdrops could be a way to bolster your crypto portfolio without having to buy digital assets. They could also help you get on the ground floor of a new platform.

However, airdropped assets could just as easily be worth nothing. You could spend time looking for and claiming airdrop opportunities, only for the price of the airdropped coin to drop before you have a chance to sell.

Even worse, there’s the risk of giving money or sensitive information to a fraudulent platform.

It’s more likely that airdrops are worth pursuing if you’re a crypto enthusiast who enjoys keeping up with new developments, and actively manages your portfolio on a frequent basis.

What are different types of airdrops ?

Crypto projects may give away free crypto in several different situations, although their main motivation is to incentivize users.

What is a standard airdrop ?

A standard cryptocurrency airdrop transfers an amount of native coin or token into existing wallets as a marketing strategy.

It's usually to promote the brand and encourage more people to adopt the asset, often during their initial coin offering.

Generally, all you need to do is sign up for an account with the new project, and provide your wallet address during the distribution event.

What is a bounty airdrop ?

Bounty airdrops are also a marketing strategy, but potential recipients have to engage in some promotional activity to receive the digital asset.

These activities could include:

Sharing a post about the blockchain project on Twitter or other social media platforms

Signing up for the project’s email newsletter

Joining a forum to discuss and participate in the project

It takes a bit more work to get a free token through a bounty airdrop as opposed to a standard airdrop, but the activities usually aren’t demanding.

What is an exclusive airdrop?

An exclusive airdrop sends crypto coins out to a group of people who follow an airdrop aggregator. These third-party sites share news about promising crypto projects and their upcoming airdrop events.

What is a holder airdrop?

Holder airdrops go to people who have some amount of another cryptocurrency in their wallets. Usually, the crypto project takes a snapshot of crypto holdings on a specific date, then lets people claim an airdrop based on their ownership at that time.

For example, Stellar is a crypto project that started in 2014. In 2016, its leaders announced a plan to airdrop $19 billion worth of lumen (XLM), its native cryptocurrency, to existing holders of bitcoin (BTC) as a nod of respect to the Bitcoin network.

To receive the reward from the Stellar airdrop, you had to verify your BTC holdings in order to claim the XLM.

Why do crypto airdrops exist ?

The primary reason for organizing a crypto airdrop is to promote a blockchain startup, project or service. By issuing tokens to users, the team can bootstrap its project and ensure a fair distribution of tokens among its community from day one. Moreover, recipients of these tokens are incentivized to increase awareness and help the project reach a broader audience once the token begins trading on an exchange. The more interest surrounding the token, the more likely it will rise in price.

Airdrops often gain traction by promoting the launch on a project's website, cryptocurrency forums and social media. This is no different from receiving a HelloFresh voucher in your email with a discount code, as those campaigns are designed to bring more people to the platform through a financial incentive.

Legitimate crypto airdrops will never ask users to make any investment. Instead, it is a way to stand out among competitors that have pursued external funding before issuing their tokens.

What are crypto airdrops ?

As mentioned, airdrops are a marketing strategy being followed by blockchain-based services. To understand it clearly through an example, imagine if a new cryptocurrency exchange like Binance or WazirX is going to open up soon. In order to gain maximum eyeballs within the cryptocurrency world, the platform launches its own virtual currency, like WazirX has WazirX Token or Binance has Binance Coin.

The platform then makes an announcement through its various online channels that it will give away X amount of that currency for free to some early users. In return, it might ask the users to register with the platform, or share its updates on their social media accounts, or perform other such tasks in order to enrol.

Those who complete these tasks then become the participants of the airdrop. Once the date of the airdrop arrives, the platform transfers the promised amount of its own virtual currency to some lucky winners. Note that each platform may have different requirements for participation and that even completing all the listed tasks will not guarantee you an airdrop in most cases. This is simply because the number of participants is too huge, with people actively participating in such deals.

How do crypto airdrops work ?

There are different types of crypto airdrops, but they usually consist of a small amount of cryptocurrency being distributed to several wallets (usually on Ethereum or Binance Smart Chain). Although less common, there are also projects that giveaway NFTs instead of regular crypto.

Some projects will do the distribution without asking for anything, while others will ask you to perform certain tasks before claiming. These tasks often include following social media accounts, subscribing to a newsletter, or holding a minimum amount of coins in your wallet. However, you are not always guaranteed to get the airdropped tokens.

In some cases, the airdrops are given only to wallets that interacted with the project's platform before a certain date. 1INCH and Uniswap are popular examples that used this method to support early adopters. But unlike common airdrops, those were worth thousands of dollars.

How do you receive an airdrop ?

Since the airdrop involves a transfer of cryptocurrencies, it needs the participants to have a cryptocurrency wallet. These are the same wallets where you store Bitcoin, Ethereum or any other cryptocurrency that you may possess already. Platforms usually ask for this wallet address at the time of registration for the airdrop.

So once the due date for the airdrop arrives, the company will transfer the promised amount to your wallet address, that is, if you are among the winners of the lot. Note that different platforms may require you to have a wallet based on the blockchain that they employ for their service. For instance, MyEtherWallet is used for tokens built on the Ethereum blockchain, while StellarPort is a web wallet for XLM and Stellar-based tokens. Most of the blockchain projects are built on the Ethereum blockchain.

Hence, you will have to note the blockchain on which the platform is being built, in order to be a part of its airdrop. As you will need a wallet subsiding with the corresponding token that you intend to get for free.

Why do crypto projects perform airdrops?

As mentioned, blockchain projects give out free tokens in an attempt to gain wider adoption and grow their network. A higher number of holders is often seen as a positive metric, which also makes the project more decentralized in terms of token ownership. Crypto airdrops also motivate recipients to use and promote the project. This can help cultivate an initial user base before the project lists on crypto exchanges.

On the other hand, airdrops might also give a false impression of growth. So, it's important to consider other factors when evaluating adoption. For example, if hundreds of thousands of addresses are holding a certain token, but no one is really using it, then the project is either a scam or simply failed to captivate the community.

Types of airdrop

As we've seen, there are different ways to conduct a cryptocurrency airdrop. Apart from the standard airdrop that simply transfers crypto to several wallets, we have a few other types. Common examples include bounty, exclusive, and holder airdrops.

Bounty airdrop

A bounty airdrop requires users to complete certain tasks, such as sharing a post about the project on Twitter, joining the project's official Telegram, or creating a post and tagging a few friends on Instagram. To claim a bounty airdrop, you'll likely be asked to fill out a form with your wallet address and provide proof that you completed the tasks.

Exclusive airdrop

An exclusive airdrop only sends crypto to designated wallets. Typically, the recipients have an established history with the project, such as being an active community member or an early supporter of the project.

In September 2020, decentralized exchange (DEX) Uniswap airdropped 400 UNI to every wallet that had interacted with their protocol before a certain date. The governance token gives holders the right to vote on decisions related to the project's development in the future.

Holder airdrop

Holder airdrops distribute free tokens to those that hold a certain amount of digital currencies in their wallet. The project team usually takes a snapshot of users' crypto holdings on a specific date and time. If the wallet balance meets the minimum requirement, recipients can claim free tokens according to their holdings at the time of the snapshot.

Many new projects airdrop tokens to bitcoin (BTC), ether (ETH), or BSC wallet holders, as they have the largest communities in the space. For example, Stellar Lumens (XLM) airdropped 3 billion XLM to BTC holders in 2016, and the airdrop was exclusive to users in the Bitcoin network.

How to claim an airdrop?

As mentioned, the process will vary from project to project. But the most important thing you need for claiming an airdrop is a cryptocurrency wallet. MetaMask is a popular and easy to use crypto wallet. After that, you can check if your wallet received free tokens. If not, you will likely have to interact with a website to claim the airdrop.

How do crypto airdrops work and are they safe ?

There are multiple ways to conduct a crypto airdrop:

Have users complete one or multiple small social tasks to qualify for receiving the airdrop at a later date.

Automatically distribute tokens to holders of a particular asset or balance on the blockchain where the airdrop will occur. (For instance, every address with a balance of 0.01 ether or higher gets the airdrop.)

Taking a blockchain snapshot at a previous date and letting users claim their airdrop tokens from the project's website through a smart contract.

Despite their popularity, however, crypto airdrops aren’t always as risk-free as they seem.

Because recipients receive "free money" in their wallets, there will be airdrops that are nothing more than pump-and-dump schemes. More specifically, the creator issues a token and hopes there will be enough hype surrounding it to have it listed on an exchange. Once tokens begin trading, the creator sells their sizeable portion of tokens, crashing the price.

Another potential attack vector is the so-called dusting attack. A scammer will send a small amount of cryptocurrency to an unsuspecting user to erode their privacy. Then, the attacker will track down the transaction activity of the wallet tokens distributed to de-anonymize the person or company operating the wallet.

Finally, since airdrops are considered income by the U.S. Internal Revenue Service, it means whenever you received an amount of “free tokens” you’ll actually need to pay tax on them – whether you wanted the airdrop in the first place or not.

How to avoid airdrop scams?

It can be challenging to tell whether an airdrop is legit or a scam. You should always DYOR before signing up for any airdrop, especially when you need to connect your wallet to a website. Sometimes, scammers will airdrop tokens into several wallets, but when you try to transfer these tokens to a crypto exchange or another wallet, you will have your wallet drained out.

In other cases, scammers will announce a fake airdrop that leads to a phishing website. They will trick you into connecting your wallet into a website that looks very similar to the original one. As soon as you connect your wallet and sign a transaction, you will have other tokens taken out of your wallet. This often happens with fake Twitter and Telegram accounts that look very similar to the official ones.

Some airdrop scams include asking you to send crypto to an unknown wallet address to unlock your free tokens in return. Legitimate airdrops will never ask for your funds or seed phrase. Be careful with airdrop emails or direct messages.

To avoid being scammed, make sure to look into the project's official website and social media channels. Bookmark the official links and double check if they are really doing an airdrop event. If you don't know anything about the project, you should do extra research to find out what the crypto community is saying. If you can't find enough information, it's probably better to just ignore the airdrop. 

For extra protection, you can set up a new wallet and new email address dedicated to receiving airdrops only. This can ensure that the funds in your personal wallet are safe from airdrop-related phishing attempts. And most importantly, never share your private keys with anyone.

Examples of crypto airdrops

The cryptocurrency industry has recently seen a few crypto airdrops that took users by surprise.

OpenDao’s airdrop of SOS tokens rewarded all non-fungible token (NFT) creators, collections and enthusiasts who had previously made transactions on the OpenSea NFT marketplace. Recipients did not have to complete any task other than manually claiming the token from the website. The airdrop helped OpenDao grow its Twitter following to over 60,000, and more than 120,000 addresses claimed the token.

A similar initiative came from the Gas DAO, which issued the GAS token on the Ethereum blockchain. Anyone who ever paid $1,559 or more in gas fees on Ethereum was eligible for the airdrop, with tokens claimable via the website. More than 57,000 addresses claimed the airdrop. The GAS token provides voting rights in the Gas DAO, which aims to be the voice of the Ethereum network's active users.

The third example is the LOOKS airdrop orchestrated by the LooksRare team. Users with over 3 ether in transaction volume on OpenSea between June 16, 2021, and Dec. 16, 2021, were eligible for LOOKS tokens after listing an NFT for sale on the LooksRare marketplace. Users holding the LOOKS token receive a share of the trading fees generated by the LooksRare platform. Additionally, users can stake LOOKS to earn more tokens.

How can you become eligible for a crypto airdrop ?

As a crypto airdrop is primarily designed for promotional and marketing efforts, it can be tricky to ensure you are eligible for future events. Every airdrop has individual requirements to assess eligibility, although most of them are easy to find. An airdrop involving a blockchain snapshot is often communicated after the fact, making qualification difficult. However, there are other options to explore:

Find dedicated crypto airdrop websites (you will usually get a notification via email) - similar to signing up for promotions from a store you regularly buy from.

Check social media for the #airdrop hashtag and see if anything new has happened.

Be an active user of different cryptocurrency services, products, platforms and blockchains.

Explore cryptocurrency-related forums and news portals for mentions of a recent or upcoming airdrop.

The main requirement for receiving crypto airdrops is having a cryptocurrency wallet with a balance. One can't receive or claim an airdrop without having a wallet address. Using an exchange address is convenient but not suitable for airdrops. Instead, users should look into the various cryptocurrency wallet solutions they can use to store their funds. MetaMask is one of the most popular wallets to use.

What you must be careful about airdrops?

One has to exercise caution with airdrops too. Like any market, there could be rogue elements trying to take advantage of this simple marketing tool. Be wary of anyone asking you to pay for airdrops. They come free or on in exchange for small services. Airdrops could also be misused by scammers to steal the identity of wallet holders, leading to phishing, hacking or extortion attempts.

Simple steps like doing a background check on the new currency will go a long way in ensuring your safety. You can also consider using an exclusive wallet to collect airdrops.

Advantages and Disadvantages of Cryptocurrency Airdrops

Given the extreme competition among cryptocurrency startups, an airdrop is an attempt to stand out from the crowd. Some businesses devoted to crypto airdrops offer alerts to users and listing services to startups, plus a range of marketing services to fine-tune their airdrops. As always, there are good businesses and bad in this space.

Michael J. Casey, Chair of CoinDesk's advisory board and an advisor at MIT's blockchain research initiative, argued in a post on a CoinDesk blog that some type of marketing is essential if a cryptocurrency is to succeed. "A currency is nothing if it is not widely used. And that can't be achieved unless people make some cost-incurring effort to encourage widespread usage," he wrote.1

However, there have also been warnings about cryptocurrency airdrops from others in the industry. For example, Pierre Rochard, the founder of Bitcoin Advisory, tweeted a caution that crypto airdrops can be pump-and-dump schemes. That is, owners of the cryptocurrency could be artificially inflating its value in order to make a quick profit.

Rochard tweeted: "Watch out for give away scams like this: 1. Instantly pre-mine tokens for yourself and your friends 2. Trade the pre-mined tokens with each other to pump price 3. Bait retail investors with a 'give away' of the tokens 4. Retail evangelizes the token for you, dump."

Why are airdrops important ?

One clear reason for airdrops is the promotion that a new platform or a service seeks among the crypto community. As the word of the participants starts going around the crypto ecosystem, the chances of people flocking to the service increase exponentially. This works much like the digital marketing of a regular business.

The underlying reason, however, is that the virtual currency of the platform will need to stay true to its value, and only grow with time. It is the ultimate representation of a platform's growth in the crypto world. Sand, for instance, the virtual currency for the popular play-to-earn blockchain game Sandbox, started trading at around USD 0.05, before climbing to an all-time high of over $7. This is a growth of 140X since January last year.

A large part of this value is defined by the number of people investing in the currency. As the volume of transactions, as well as the holders of a currency, soars, it gains value in the market. An airdrop is thus, a solid way to kickstart that among a large audience.

Stay aware of airdrop scams

Since there is a large interest in airdrops from those looking to make easy money, scammers have found it an ideal way to dupe people. Late last year, Metamask noted an airdrop scam wherein threat actors sent malicious tokens to random crypto wallet holders. With the account holders curious as to what the token is, they would often search for it online. The search would eventually land them on to the threat actor's malicious website, where unsuspecting users are phished off their crucial online information.