What are NFT airdrop scams? A Crypto airdrop is a marketing tactic where Blockchain companies distribute free tokens to users. But just as much attention, it also brings scammers.
Cryptocurrencies have made waves in Blockchain-based services, and major players are already feeling the heat of the competition. Airdropping tokens appears to be a marketing stunt to create awareness of a new currency entering the market.
However, recent developments suggest fraudsters send fake tokens to digital wallet holders and steal personal information and funds instead. Stories spread over Twitter, Reddit, and Facebook, where victims warn inexperienced investors about this new token airdrop scam. In this article, we deal with the warning about failed NFT projects. Do you need more information about NFT airdrop scams? Stay with Antidolos ICO scam alert to the end of this article.
What are NFT airdrop scams?
Previously, this term was used for Apple devices. But the term is not limited to Apple now. It has become critical, and so have the related scams. At one such event, a fake Twitter account with 60k followers, claiming to be the Moonbirds Project offering NFT airdrops, tweeted: “To celebrate almost 60k followers on their official Twitter account, we want to present you the biggest airdrop in history. From the NFT projects.”
Few people noticed this scam until they read Moonbirds verified account and posted to watch out for scammers.
Such Crypto scams often aim to obtain private information, such as security codes or trick an unsuspecting person into sending Cryptocurrency to a compromised digital wallet. From October 2020 to March 2021, there were reports of Crypto-related scams. Nearly 7,000 people reported more than $80 million in damages. Refer to the use of NFTs for money laundering. For more information, visit the Antidolos website.
In another type of scam, scammers ask for Bitcoin and Ethereum Cryptocurrencies. They claim they will instantly refund it 2x to the address you sent it from. For example, if you send one Bitcoin, you will receive two Bitcoins to the address you sent the Bitcoin from. According to the plan, you can also participate using any wallet or exchange. But it always has negative results, and investors lose all their money.
NFT airdrop scams for marketing technology news
When a user receives a fraudulent token, their immediate goal is to exchange it for a new token because the so-called Blockchain service claims that the token recipients are for Doing so encourages. But as soon as users try to exchange the coin, they fail to exchange the airdropped token.
Reputable organizations such as Scamadviser.com, a cyber forensics service for victims of online fraud, are on high alert and trying to identify the modus operandi. Refer to top NFT scams to watch out for.
How to avoid becoming a victim of an airdrop token scam?
Spot the red flags:
Avoid free tokens that are not redeemable on major platforms. Fraudsters may try to lure victims into signing malicious contracts.
Identifying fake projects:
The ease of creating fake projects has significantly increased the number of airdrop token scams. But experts say being aware is the best tool to avoid losing funds unnecessarily.
Understanding How an Airdrop Token Works:
An airdrop is a promotional event usually held by startups to promote their virtual currency projects. The project aims to create awareness of the new project offering and get people interested in trading by sending participants free NFTs to their wallets, usually on Ethereum Blockchain. But to receive the gift, recipients may be required to have a minimum amount of ETH in their Metamask wallet. Additionally, they may be asked to promote the NFT projects on social media, big websites like Antidolos Blockchain learning sites, etc.
Always check top marketplaces
It must be a question for you too, How to avoid the latest Crypto scams? In this section, we will discuss this issue. Refer to top NFT Marketplaces 2022.
Do a lot of research
Check the details before agreeing to any deal. Is the marketplace you are using reputable? Can you view the transaction history of the buyer or seller? Read reviews and look at the level of engagement of builders to see if there have been previous complaints about their transactions. If you’re investing in a project, check out the developers behind it to see if they’re genuine. All these are mandatory actions that you must do to hold your Crypto assets safe.
Don’t join any collection that you do not know well
Hackers have created viruses that specifically target Cryptocurrency wallets. Avoid clicking on invitation links to new NFT projects, which can lead to fake exchange sites. Never click on links or attachments from unknown sources.
Be careful with gifts and bonuses
Although common in the NFT space, gifts or “freebies” can often carry security risks. Each NFT is tied to a contract that dictates what can be done with it – this means hackers can attach permissions to access your wallet, sell your assets, and more.
Never accept NFT from someone you don’t know or trust. Never share your Crypto wallet’s private key or seed phrase with anyone.
Keep your private key and seed phrase safe. If someone has these details, they can access your wallet and delete any untraceable NFTs or cryptocurrencies. Use strong passwords for your Cryptocurrency wallet and other NFT projects. Where possible, use two-factor authentication for all your NFT accounts.
Verify the project creator
Before transferring funds, find and verify the contact information of the NFT manufacturer you wish to purchase from. Check that project creators are honest and transparent about who they are. If you find that you can’t clear the information about the entities behind the project, that’s a red flag.
Trade with official sites, not NFT airdrop scams
Always go directly to verified websites for Crypto transactions and avoid using links or pop-ups to enter your key wallet information. Resist the lure of so-called bargaining that can lead you to dubious Blockchain networks. Refer to create NFT for free on opensea.
Avoid visiting untrustworthy sites
It’s easy to misspell things – but sometimes typing a wrong URL by a letter or two can lead you to a bad site. In the NFT world, scam sites can be hazardous. Always double-check the URL to ensure you’re visiting the right website, like Antidolos request analysis, and avoid doing anything you don’t feel comfortable doing. Remember: It probably is if something seems too good to be true.
Double check the NFT projects price
Before buying an NFT, check the price on an official trading platform like OpenSea or others. If the price seems lower than listed on a legitimate business site, get it as a red flag cause it could be a scam.
Use torch wallets against NFT airdrop scams
A writer wallet allows you to limit the funds you want to commit to a particular purchase–including Crypto for transaction fees. This reduces your risk in case of a scam.
Check the checkmarks
Most legitimate NFT sellers will have a blue tick next to their username on OpenSea and other NFT markets, and the portfolio properties will be listed. Check that the artist you buy from has a verified account and is a legitimate artist. Please search for the artist on their social media channels or website. You may ask them directly if the artwork you want to buy is theirs and if you have the correct user profile.
What to do if airdrop token scammers target you?
As Cryptocurrencies continue to soar, token airdrop scams show no signs of taking a back seat. If investors are targeted, here’s what to do:
Secure the account immediately
The first step you should take before the right help arrives is to close the browser of the offending website, quickly change the password of payment programs and disconnect all devices from the network. First, you can recognize a Crypto scam alert website and hold your Crypto assets safe because
Call a fund recovery service
Let the experts look into the matter if the lost amount is too large. They will implement planned and result-oriented strategies for actionable conclusions. Victims can also take advantage of appropriate counsel to prosecute offenders during the proceedings. For more information, visit the Antidolos media.
Conclusion on NFT airdrop scams
Although we’ve provided various examples of NFT scams, you still have to take responsible actions for a good profit. If you also want to learn how to spot a fake NFT, the methods and guides on Antidolos Crypto Basics Learning can be pretty helpful.
Always stay vigilant while doing your due diligence. Endeavor to read other posts on Antidolos latest Blockchain news, and don’t forget to leave your comments and share them with others.