YEREVAN (CoinChapter.com) – According to a crypto subreddit, there is another “social engineering” scam circling the cryptoverse and looking for gullible traders hungry for easy money. The r/shib_token page apparently offered a phony airdrop of SHIB coins. But lo and behold, it was another phishing scam, with culprits eager to get a hold of your wallet information.
To SHIB or not to SHIB?
The message below claims that the airdrop offered “10 billion unclaimed SHIB tokens.” Naturally, the ad included guidelines and said, “eligibility is determined by […] number of transactions made, fees paid and contracts interacted with.”
The Reddit user warning about the scam also commented that the fake link targeted “anyone who’s used Ethereum Mainnet within 2022.”
As soon as you start to dig around, always avoiding the link as if it was a used needle you found on the dumpster behind Wendy’s, you start to see comments all perfectly posted exactly 3 hours ago by throwaway accounts with less karma than Hitler.
read the post.
The r/SHIB_token subreddit has since been banned from the website due to scam complaints. However, it is not clear how many people volunteered their wallet information in the 24 hours that the site was still active.
Also read: Russia-Operated Giant ADVcash Feeding Binance? Let’s Dive.
Meanwhile, such scams are “just another Wednesday” for any crypto trader. So, what are airdrop scams, and how do they work?
Airdrop scams – how do they work?
First things first, airdrops are promotional tactics that allow new coins to increase visibility and invite early investors. Once happy recipients get their new crypto, they agree to a “no-sell” period. If the price appreciates in the meantime, those lucky investors will enjoy their gains.
Notably, not all airdrops are scams. However, traders should be the Sherlock in the world of Moriarties and dig deep into EVERY project they let into their orbit. Moreover, new projects require double the attention, as most of them don’t make it in the long run.
Phishing scams are all the rage.
Airdrop phish pages try to ensnare as many cryptocurrency users as possible. No matter how obscure your digital currency of choice is, or how unusual your wallet is, there’s a scam just waiting for you.
experts warn.
One of the common phishing tactics includes asking users for their private keys. Before you say, “no one would fall for that,” bear with us. Phishing websites are often pristine and official-looking.
They often present an array of possible wallets they can airdrop through, and clicking on any of them might result in a “technical issue.” Then, the scammers ask you to input the information manually and only then ask for a private key to complete the transaction.
These scams are easy enough to avoid. NEVER give away your private key to anyone. Metamask’s official support team also warns against that.
You’d think after so many years of various scams, traders would learn that simple rule, but culprits still manage to phish for private information. There are various types of Airdrop phishing schemes. One of those flashes a connection to the ‘hottest’ talk of the town. In May 2022, one of those topics was the BAYC (bored ape yacht club) NFTs.
Lo and behold, the scammers were just around the corner. They lied their way to a $3 million dollar steal and disappeared shortly after.
There are countless examples of scams on the crypto market. Some of them are dumb; others are quite interesting. However, they all need one thing to succeed – traders’ low attention threshold. So, don’t get greedy, and remember where the free cheese usually lies!
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