Amidst the cryptocurrency market downturn, the Wormhole token plummeted by about 26% from its peak. This decline followed the much-anticipated airdrop event, which distributed 617.3 million W tokens to over 400,000 wallets.
Consequently, this marked a crucial phase for the Wormhole initiative, aimed at rewarding early adopters and contributors within Solana and Ethereum ecosystems.
How Scammers Are Taking Advantage of Wormhole Airdrop?
The Wormhole token launch was designed, aiming to decentralize the protocol’s stakeholders. It introduced a supply of 10 billion tokens, with 1.8 billion initially available as Program Library (SPL) tokens on Solana.
Following the airdrop, top crypto exchanges such as Binance, OKX, and Kraken listed the W token. Subsequently, trading volume soared, exceeding $1.6 billion, in the past 24 hours. This reflects the strong market interest in trading the newly-listed tokens.
However, the initial surge to $1.86 was quickly overshadowed by a downturn as the market contended with rising phishing scams targeting the token’s newfound popularity.
These incidents highlight the critical need for enhanced cybersecurity measures and vigilance among investors. It serves as a reminder of the ongoing threats and the importance of robust security measures in protecting digital assets.
