Wormhole airdrop attracts cheaters, spo tokens and $3B worth
Crypto fraudsters, hackers, and meme-coiners have flocked to the $850 million airdrop event from the Chain Bridge Platform Wormhole.
In an April 3 post for X, freelance blockchain sleuth ZackXBT revealed that the wormhole's official post announcing the airdrop targeted “tons” of plausible fraudulent accounts, many of which featured “gold references.”
Wormhole founder Robinson Berkey's official X account came under attack hours after the leak, which saw the founder start posting malicious links to suspected wallet leaks. Burki's account has since been made private.
The W token officially launched on April 3 at $1.66 on Solana-based decentralized exchange (DEX) OpenBook, commanding a total market capitalization of $2.98 billion at launch.
The token price has fallen by 19.5% since then and is currently trading at $1.34.
The bridge protocol has allocated 674 million tokens – 6.75% of the total supply – to Erdop, which means that the current climate value for users who meet the protocol's eligibility requirements is $896 million.
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Wormhole's W token is currently only available on the Solana network, but the project shared that it will soon be available as an ERC-20 token on the Ethereum network and other Layer-2 networks later.
Spoof ‘warmhole' memecoin rises
The wormhole airdrop incident did not escape the notice of opportunistic memecoin developers, with a parody token named “warmhole” following the announcement of the airdrop.
Warmhole memecoin quickly shot up from around $100,000 on the market to a peak price of $8.3 million – an estimated gain of 83,000% in less than six hours.
One user joked that if Wormhole airdrop recipients had immediately traded their new W tokens for Warmhole memecoin, they would have become billionaires.
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