Arbitrum has successfully AirDrop its ARB token to users on March 23, but bad actors tried to profit from the hype surrounding the project.
Blockchain security firm CertiK reported on March 25 that a phishing link was posted on the Arbitrum Discord Server. According to a screenshot from the server, the scammer claims that Arbitrum users can “reclaim again the ARB token of the Arbitrum DAO Governance mechanism.” This fake message asking the user to click on a link is intentionally misspelled Arb it rum as “Arbtirum”.
These intentional typos are common in phishing links, as unsuspecting users won't notice the difference. Clicking on the link will lead to a blank page with only the word “Astaghfirullah”, which means “I ask God for forgiveness”.
As of the time of writing BeInCrypto, it is not clear if anyone's wallet has been compromised. Meanwhile, Certik warns users not to click on any Discord links until the Arbitrum team regains control of the server.
Scammer earns 24k USD from fake ARB tokens
On the other hand, according to Lookonchain, a fake ARB token had a trading volume of over $24,000 on the decentralized exchange (DEX) Uniswap . Lookonchain advises the community to be careful when trading ARB tokens.
In addition, a number of other phishing links have also been shared on Twitter, with some creating fake Arbitrum Foundation accounts to promote the scams.
Nearly 1 billion ARB tokens have been received by users
According to data from Nansen, approximately 520,000 addresses have received nearly 1 billion ARB tokens as of press time. This means that there are only 110,000 addresses that have not received tokens among the eligible wallets. The Arbitrum Foundation says the receiving period will last for six months.
Arbiscan data shows that the success of the AirDrop pushed network trading volume to an ATH of 2.7 million, doubling the volume on the Ethereum mainnet on March 23. Decentralized financial activity on the network also flourished thanks to the AirDrop. The total value of locked assets (TVL) on the network increased to $5.83 billion, a 50% increase.
Meanwhile, Arbitrum's ARB price is trading at $1.27 after falling 12.5% in the past 24 hours. The Altcoin is still underperforming 85% from its peak of $11, according to BeInCrypto data. The drop in price was due to the initial dumping of ARB tokens by the original recipients of the ARB token.
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