As more people get into crypto, scams are also becoming more common. Fake airdrop scams are particularly common because they target newcomers who know little about crypto.
It’s not surprising that fake airdrops are popping up as more people get into crypto. It’s annoying when these scams happen, but here at Protechbro, we will help you stay safe in the crypto world by telling you about the most common fake airdrop scams and advising you on how to avoid them in this article.
What is an airdrop?
People who have been actively involved in a new project before it launches are given crypto coins or tokens for free. This reward is what is called an “airdrop.” Airdrop is a common way to sell a cryptocurrency and get people to invest in it early.
People try the new platform and do some tasks in exchange for free coins or tokens. Airdrops are sent to a huge number of wallets at the same time.
Airdrops are rewarding, but they also come with some risks, as scammers take advantage of people using fake airdrops. A fake airdrop might look very real, and you might fall victim if you are not careful. Here are some useful tips on how to tell if an airdrop is fake.
What are fake airdrops?
Fake airdrops are ways scammers manipulate people by setting up false schemes to steal personal data and crypto from their wallets.
Airdrops are appealing to people who are new to crypto, but hackers are also interested in them because they can be used to trick people and steal their money.
Tips on how to spot fake airdrops
It is important to stay alert and be safe when dealing with airdrops. Here are some useful tips on how to spot fake airdrops:
Unrealistic Promises
One easy way to spot a fake airdrop scam is if the rewards or promises seem too good to be true. Real airdrops don’t say precisely how much money you can make from them because it depends on how many people sign up and how well the cryptocurrency does when it launches.
Suspicious requirements
Some fake airdrops want private information or money from you before they give you crypto. If you encounter such a project, be careful because they will probably take your money and not give you anything back.
Pressure
Scammers use “Fear of Missing Out” (FOMO) to get people to quickly sign on for the project without giving it much thought. They will ask you to hurry because the airdrop will be happening soon. They also demand that you refer your friends to join immediately to qualify for the airdrop.
There is a very good chance that a project asking for personal information and money while giving big rewards in a short amount of time is a fake airdrop.
Common fake airdrop scams
Scammers use a variety of tricks to get people to fall for fake airdrop scams that promise them rewards that are too good to be true. We will look at some popular types of airdrop scams and how they work.
Phishing crypto airdrop scams
Some people who want to steal your crypto will use phishing methods to do it. They will make fake websites or social media accounts that look like real projects. In emails or direct messages, they might link these fake sites to get people to enter their private keys or other personal information. Once attackers have this information, they can take the victim’s cryptocurrency.
Impersonation airdrop scams
In another type of airdrop scam, scammers often use fake accounts that look like well-known crypto people or sites. To make you think they’re real, they might use a picture, name, or website address that looks a lot like the actual one they are impersonating.
If you click on the attached link and connect your wallet, the scammer will get you. A good way to keep your information safe is to double-check a website or account before you use it.
Fake websites for claiming airdrop
If you want to get a real airdrop, you often have to link your wallet to an official claim website. However, scammers have seen this and now make claim sites that look a lot like the real ones.
It happened a lot during the Celestia airdrop. Many fake claim websites with names that sounded like the real site showed up. Phishing sites, even though they had different names, asked people to connect their wallets or give their seed phrases. It was easy for people who didn’t know any better to fall for them.
Malware airdrop scams
In the crypto world, scammers use an attack called a malware airdrop scam to trick people into installing dangerous software disguised as wallets to claim a free token or NFT “airdrop.”
After that, the software can take over the person’s device, steal their secret keys, or record their keystrokes, which will cost them money.
Fake giveaways and airdrop scams
When a real airdrop is happening, and there’s a lot of hype around it online, scammers often take advantage of it by posting giveaways of the token about to be released.
If you click the link they post, you will be taken to a fake ad or spam NFT that says you can get free tokens or NFTs. On that website, you will have to connect your wallet or agree to a transaction. This will end up compromising the wallet you connected.
People often fall for these types of threats because they know people want to make money fast online.
Telegram bot Airdrop scams
Scammers set up fake accounts and bots on Telegram to trick people. This is because Telegram is becoming popular for Web3 games and crypto airdrops. Every day, new crypto projects pop up on Telegram. Some of them waste people’s time and take their money.
Some scams on Telegram will ask users to connect their wallets so that the scammer can steal crypto from them. Other scams will ask users to pay to get the airdrop at the end of mining.
Rug Pulls
In rug pulls, the project’s team or founder quickly stops working on it and disappears, taking all the investors’ money. This leaves investors with nothing. Of course, it’s often done with very little or no notice. This normally takes place after a project has raised a lot of cash.
It’s a shame that rug pulls happen way too often in the crypto world. That’s why you should research a project and look out for any red flags before you put money into it.
How to Avoid Fake Airdrops
Now that you know some of the most common ways scammers use fake airdrops to trick people and how to spot them, let’s talk about how to stay safe online and avoid falling for them.
Verify the source of the airdrop information
When you see airdrop messages flying around, constantly endeavor to check it out and verify them on the official channels of the project on various social media platforms and websites.
Before taking part in any airdrop, learn as much as you can about the project. Check official sources, like the project’s website, social media handles, and trustworthy crypto forums, to make sure the airdrop is real.
Avoid clicking on suspicious links sent to you via email, messages, or social media posts without first confirming that they are from the official source.
Analyze the airdrop critically
Using the points we discussed earlier on how to detect fake airdrops, critically analyze what the airdrop promises, the time pressure, and the requirements before you decide to engage with them.
Any airdrop offering unrealistic promises is most likely to be a scam. Do some more research before you do anything else, and if you do not find enough information to confirm the legitimacy of the airdrop, then avoid it.
Most fake airdrops usually rush people to carry out tasks and earn rewards in a very short period of time. Avoid airdrops with such tactics, as they are usually fake airdrops looking for a way to hack your wallet once you connect to their platform.
Protect your data
If an airdrop asks for too much personal information, think twice before sharing. Do not share your private keys, seed phrases, or personal data with any airdrop or individual, no matter what they are offering you.
Setting up Two-Factor Authentication will also help you protect your wallet and your data, as it makes it difficult for scammers to access your account even after stealing your password.
Any requests for personal information should be seen as phishing efforts by scammers, as legitimate airdrops don’t need that kind of information to take part.
Do your own research (DYOR)
Do a lot of study on the project, giving away the airdrop. Real projects are open about their goals and who is working on them.
Verify the legitimacy of the airdrop by checking their official website, social media handles, and reputable cryptocurrency forums.
Conclusion
Crypto users are vulnerable to airdrop scams, however, this risk can be reduced by getting the correct information, caution, and preventive measures.
You can confidently and safely navigate the crypto world by learning the strategies used by scammers, recognizing warning signs, and implementing best practices for protecting your investments.
Always keep yourself informed and use credible sources to avoid fake airdrop scams.
