Wormhole

Crypto scammers, hackers and meme coin enthusiasts rushed to the $850 million Wormhole airdrop, which saw 674 million W tokens distributed to users who met its <a href="https://wormhole.com/airdrop/">eligibility requirements</a>. 
W is the cross-chain bridging platform’s native governance token and was launched on Apr. 3. The token started trading at $1.66 on the Solana-based decentralized exchange OpenBook with a market cap of $2.98 billion and a fully diluted capitalization of $16.5 billion. 
W’s price has <a href="https://coinmarketcap.com/currencies/wormhole/">dropped</a> over 15% in the last 24 hours to trade at $1.17 as of 3:55 a.m. EST. Its market cap has also fallen to just above $2.1 billion, while its fully diluted cap stands at about $11.72 billion.<img decoding="async" src="https://content.invisioncic.com/o280999/monthly_2024_04/1712159653766.png.a44d9183f2afc1e09cae36bcecd3d58c.png" alt="Wormhole Surpasses $40 Billion in Transactions Across 30+ Blockchains - Cryptocurrency and Blockchain - IG Community"> 
<h2 id="span-style-font-weight-400-fraudsters-pounce-on-the-wormhole-airdrop-span">Fraudsters Pounce On The Wormhole Airdrop</h2> 
Fraudsters quickly seized the opportunity to scam unsuspecting victims. Independent on-chain analyst ZachXBT revealed that the post regarding Wormhole’s official airdrop was targeted by “tons” of scam accounts. Many of these fake X accounts even included gold checkmarks next to their name. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Be careful there are tons of accounts with gold checkmarks in the replies posting phishing scams. <a href="https://t.co/ioJufnktuP">pic.twitter.com/ioJufnktuP</a> 
 — ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1775513545548931503?ref_src=twsrc%5Etfw">April 3, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
An account belonging to <a href="https://insidebitcoins.com/news/new-cryptocurrency-releases-listings-presales-today-wormhole-juice-hump">Wormhole</a> founder Robinson Burkey was also compromised by hackers. Once in, the attackers started posting multiple links to suspected wallets drainers just hours after the airdrop was announced. Comments for posts on the X account have since been turned off due to the malicious links. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Comments turned off due to malicious links. 
 — Robinson (🪱, 🕳️) (@RobinsonBurkey) <a href="https://twitter.com/RobinsonBurkey/status/1775669700837441978?ref_src=twsrc%5Etfw">April 3, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
<h2 id="span-style-font-weight-400-parody-meme-coins-go-ballistic-span">Parody Meme Coins Go Ballistic</h2> 
<a href="https://insidebitcoins.com/news/new-and-best-meme-coins-to-buy-wednesday-april-3-slerf-dug-shrimp-smog">Meme coin</a> developers also took advantage of the airdrop event, with one parody token called “Warmhole” being launched immediately after the announcement was made of the Wormhole airdrop. 
In the hours after the launch, the meme coin skyrocketed from an initial market cap of approximately $100,000 to a peak capitalization of $8.3 million, achieving a gain of 83,000% in less than six hours. 
One X user <a href="https://twitter.com/d_gilz/status/1775644342662857122">quipped</a> that if the Wormhole airdrop participants had sold their airdropped tokens and purchased Warmhole with the proceeds they’d be billionaires. 
<h3 id="span-style-font-weight-400-related-articles-span">Related Articles:</h3> 
<ul> 
 <li style="font-weight: 400;"><a href="https://www.linkedin.com/pulse/5-top-crypto-presales-2024-unveiling-most-anticipated-calsona-gxcce/">5 Top Crypto Presales 2024: Unveiling the Most Anticipated Opportunities!</a></li> 
 <li style="font-weight: 400;"><a href="https://insidebitcoins.com/news/forbes-list-shows-17-crypto-billionaires-led-by-binance-founder-changpeng-zhao-and-coinbase-ceo-brian-armstrong">Forbes List Shows 17 Crypto Billionaires Led By Binance Founder Changpeng Zhao And Coinbase CEO Brian Armstrong</a></li> 
 <li style="font-weight: 400;"><a href="https://insidebitcoins.com/news/dogwifhat-price-prediction-wif-falls-9-as-traders-flock-to-this-solana-meme-coin-that-launches-on-mexc-today">Dogwifhat Price Prediction: WIF Falls 9% As Traders Flock To This Solana Meme Coin That Launches On MEXC Today</a></li> 
</ul>

Huge Wormhole Airdrop Attracts Scammers As W Plunges 15% After Debuting With $3 Billion Market Cap

Table of Contents

Inside Bitcoins

Other articles published on Apr 4, 2024

OneCoin Legal Head Sentenced to Four Years in Jail

Lara Croft’s Legacy: From Screen to Controller, Gaming’s Ultimate Icon

Understanding the Current State of Cardano’s ADA: Key Indicators and Market Sentiment

PayPal Breaks New Ground with Stablecoin-Based International Money Transfers

PrismaStake Introduces new staking security system

Gate Card Review – What is the Gate Card and How to Get it?

Join our free newsletter for daily crypto updates!