Wormhole Airdrop Draws Scammers Amid $800 Million Worth of W Tokens Distributed

Bridges across chains and interoperabilities are crucial to developing the Web 3.0 crypto landscape. With its recent token airdrop, Wormhole leads the way by airdropping its native governance token, simply represented by W (a governor token). Whether it was right or wrong, it was very hard to grasp all the things that were happening, and still, one was adventurous to pursue it, and the other was inspirational at the same time. 

Therefore, the platform simplified the process thanks to the introductionmediary function. However, cryptocurrency scammers, developers, and entrepreneurs dealing with fake coins took advantage of this position. Therefore, the number of fraud cases increased and faced a hike instantly.

Scammers exploit Wormhole’s airdrop announcement

Wormhole’s casino was checked separately for a similar activity. The followers said another account similar to the one owned by @ZachXBT was developed and intended to scam people rather than follow the real one. Such scams may appear as a «golden checkmark,» indicating the account and complicating communication. 

Besides, the fake accounts on the platform were gaining popularity at such a point that even popular celebrities could be easily replaced. It became difficult to identify such accounts. As for Sam Shin, he viewed the editorial sort of attacks on his Twitter a little after the announcement of the airdrop, but the creator of the leading funds analytics site Worm Hole, Mr. Robinson, also saw his official links attacked by those harmful links in a short amount of time after the announcement of the airdrop. Bless Burkey has invaded her personal life, so his deer is like what we breathe. After every breath, we feel it.

One example of WT token implementation was a pinned tweet on the release date, April 3, 21, trading publicly for $1.66 at the DEX OpenBook, with the sol blockchain being the solution. It recorded its debut market cap of $2.98 on the day of the first-day trade. The amount of the market cap is worth at the beginning is around $ 330,000,000. This situation is not typical when a 19.5% slide is seen in an opportunity-seeking crypto environment. Currently (denoted by USD), the Binance Coin price is $1.34. A worthy mention: Only 674 million of its total supply was available in the market when not all of the plans of wormhole have not yet completed its processes of airdrop, which has a total amount of USD 896 million, there will be a total of 1.55 billion dollars after the finishing phase of airdrop.

Expansion plans and integration

On the Luna Network, there will be a lack of W tokens and having it as a COIN to deploy or share into multiple chain networks; Wormholes are now the way to bring those W tokens from the Luna network into several different networks. In addition, the token is deployable into the Ethereum blockchain wallet, which can be easily traded. 

This token has a total circulation supply of only 50 million, as it has been evaluated by the technological standard of its ERC-20 ranking. On the one hand, L2 solutions will merge with the main chain’s functionality within the network, thus maintaining the functional composability of these networks. Such development is a new addition to the strategic plan responsible for unveiling additional currency, assuring the system controls all the payments carried out within the deployed blockchain, thus boosting the coin’s liquidity.

The badness of the Wormhole team was insufficient for anyone’s apprehension or fear of failure to the reputation of this project as a whole. At that time, the news of the spoof the craft talked all around social media, and the bad guys would come so fast that they could trade their honey with the bees, not even the honey bees. 

Due to a non-stop gathering of fandom, this momentum has been rekindled, and there has been a birth of the “Wormhole,” another parody token that is growing the fire unquenchably of discontent ESP users. Warhmole witnessed a surprising victory in its 24-hour launch after the market cap surged upwards instantly, with the initial $100.000 value in the coin reaching $8.3 million and recording one of the highest percentages of their current market level in history – 83,000%.

Considering that the Air Drop Event from Wormhole was of average magnitude, and since its result (800 million W tokens) led to a similar reaction from general users who tried to be among the first ones (these are both the genuine as well as the negative cases). However, compared to the scams, their absence is difficult to catch up with, but this also ensures that the grassroots will only stay with the ideals that it trusts and truly gives service to the community members. 

Wormhole is the digital currency that demonstrates an overinflated market and high volatility, where only those who can take a loss without being harshly hit should participate. Meanwhile, to combat malicious hackers at the time of the wormhole letting loose its vortex and the team rushes to network launch, an assurance campaign that is emphasized is imperative; thus, chaos on the stakeholders’ side and the community will be prevented from taking place.