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CoinGecko warned crypto users about fake airdrops, telling them to stay vigilant and verify all information before clicking on it.
Crypto data aggregator CoinGecko has issued a warning about a fake airdrop scheme floating around social media platforms. In a post on X on Aug. 21, the firm told its followers that rumors about a token or airdrop are fake and should be disregarded as they have no plan for such at the moment.
The warning from CoinGecko was prompted by several posts on X falsely claiming that a CoinGecko airdrop is confirmed. One of such is an user Wimar.X, who wrote that the cost of participating is $0 and the potential reward is over $5,000. Wilmar also referenced a 2020 CoinGecko blog post that discussed CoinGecko Candy, a project created to reward people for using CoinGecko.
The poster even went so far as to release a step-by-step guide on how to secure the airdrop. However, the crypto data aggregator firm has quickly disassociated itself from the news, claiming the information is not true. It further emphasized the need to exercise caution, stay vigilant, and double-check a source before clicking on any link.
Different Cases of Fake Airdrop Scams
Cases like this are usual tricks deployed by scammers to carry out their schemes. These bad actors often use the reputation of well-known platforms to deceive unsuspecting users.
Earlier this year, CoinGecko released a Discord snapshot of a scammer claiming to be an author working for the firm and was reaching out to different projects, promoting fake airdrops. The exchange advised users then to only join their Discord page via the link on their website to ascertain their security.
In July 2023, the Aptos Foundation X account was hacked to promote a scam crypto airdrop. The scammer even went further to hack the Aptos CEO’s X account in order to convincingly defraud investors.
Digital wallet app MetaMask, in 2023, denied false rumors about a fake airdrop, which started after the CEO of ConsenSys made a comment about it at the ETHDenver 2023 event.
Airdrop Scams: A Common Tactic to Steal Crypto Funds
Airdrop scams are one of the many ways bad actors try to steal crypto users’ funds. These scammers often use the excitement around a new crypto project to trick people, usually targeting young investors with the promise of free tokens while trying to gain access to their digital wallets.
The mode of operation usually includes building a fake airdrop website that looks similar to the main project, promoting it on social media platforms, and asking unsuspecting users to connect their wallets to the fake site. Once users get their wallets connected to this fake website, scammers will have access to their accounts and could easily drain their funds.
CoinGecko’s warning serves as a reminder for crypto users to be careful of unsolicited claims and to verify the authenticity of any announcements or initiatives before engaging with them.
