Solana marketing ploy leads to proliferation of scams
Promise of a token airdrop to reward heavy users of Ethereum if they try Solana, becomes fertile ground for fraud
Solana advocates like to drive home the merits of relatively cheap transaction fees on the blockchain, especially in relation to gas paid in ether, on Ethereum mainnet.
A new marketing campaign tokenizes that narrative in the form of LFG, or LessFnGas, which launched on New Year’s Day.
The project targets Ethereum users who have spent at least 2 ether ( ETH ) in gas fees, offering them LFG tokens through an airdrop. Holders of eligible wallets can specify a Solana address to receive the newly created token.
As of 9 am ET, the project said on X that more than 45,000 wallets had claimed the LFG token.
But while the airdrop itself was promoted by Solana co-founder Anatoly Yakovenko, scammers quickly sprung into action, setting up fake versions of the legitimate domain and seeking to phish unsuspecting claimants, often via replies in related threads on X.
Read more: The 5 biggest DeFi hacks of 2023
Bill Lou, co-founder of Nest wallet, reported linking to a Medium post which led him to inadvertently sign a transaction that drained 52 stETH (approximately $125,000).
Each post on X from the official account has scam account replies seeking to take advantage of inattentive airdrop hunters.
LFG, which currently has no utility, was trading at around $0.00007 as of 12 pm ET, making a successful claim worth around $30.
While overtly pitched as a way to onboard some Ethereum users, the dismissive tone of the campaign has alienated others.
“We understand that ETH has led the way for many years,” LessFnGas wrote. “The fact of the matter is, the tech is outdated and for things to move forward, something must be left behind.”
Read more: The 3 biggest DeFi innovations of 2023
The team of 10, which is not disclosed, has reserved for itself 10% of the 1 trillion tokens created (currently worth about $7 million), and promises a second airdrop for those claimants who supply liquidity for the token on decentralized exchanges.
Don’t miss the next big story – join our free daily newsletter .
- airdrop
- Ethereum
- exploit
- Solana
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
XRP Weekly Chart Blue Lines Point to These Long-Term Price Targets
The 10-year US Treasury yield approaches 5.4%, with the AI halo unable to hide the "inflated" risks of the S&P 500
Behind the S&P 500's record high, only 30% of its constituent stocks are above their 50-day moving average, marking the narrowest market breadth at a record high since 1990. The Russell 2000 has fallen for five consecutive weeks, and high-yield bond yields have soared to 15%. Societe Generale warns that if US Treasury yields rise to 6% and oil prices reach $150, the S&P 500 could fall by more than 20% next year. In addition, some top-performing fund managers have completely exited AI stocks in favor of energy, stating that once financing dries up, it will be "game over."
Oil tanker freight reaches a sixty-year high: shipping oil from the US to China is more expensive than launching a rocket!
The freight for a single barrel of crude oil has soared to $41, approaching half the oil price, and for a single trip, the freight was once enough to buy an oil tanker. The Middle East crisis has led to a structural shortage of shipping capacity in the Strait of Hormuz, coupled with ship-to-ship transfers extending turnaround times. VLCC freight rates have skyrocketed from an annual average of $9.2 million to $77 million—an increase of more than eight times. Refiners’ profits are being rapidly eroded, the average price of second-hand oil tankers has reached a historic high, and, unusually, surpassed the price of new vessels.
Following the Drop but Not the Rise! Silver Trapped in Difficulties
The logic of AI and solar energy demand continues to play out, yet prices are falling against the trend—macroeconomic forces such as a strengthening US dollar and rising real interest rates have completely suppressed fundamentals. Speculative funds offloaded $1.6 billion in a single week, marking a yearly peak, while CTA net short positions reversed by $2.6 billion to the highest level this year. However, Goldman Sachs analysts believe that the extreme short positioning itself is building reversal momentum, highlighting an asymmetry; once macro headwinds subside, a retaliatory rebound could be easily triggered. After a similar shakeout last time, silver surged 15% in six weeks.
Crypto prices
More
