2024-04-05 06:39:58
During Wormhole’s announced airdrop, nearly $800 million worth of W tokens were given to selected users, but fraudsters also jumped on the event.
800 million airdrop, the hackers also took their share
The airdrop planned to distribute a total of more than 678 million Wormhole tokens among eligible users, which is 6.78% of the total supply of 10 billion tokens. The amount was planned to be distributed among approximately 400,000 eligible portfolios.
However, the event took an unexpected turn, after the crowd of cheaters and meme coin fans overwhelmed the airdrop of the cross-chain platform. An independent analyst noted that “tons” of targeted and convincing fake accounts appeared under Wormhole’s official whistleblower post. The account of the founder, Robinson Brukey, was also attacked, and for a few hours posts aimed at fake links appeared on his page.
The AW token was officially launched on April 3rd on the Solana-based OpenBook. After the launch, the stock market was congested and many people complained about shutdowns and slowdowns.
Wormhole token price evolution since launch. Source: CoinMarketCap
As you can see in the chart above, the price has been in a steep decline since then, falling nearly 30% and currently standing at $0.995. Calculated at the exchange rate at the time of issue, the total value of the isolated airdrop was nearly 800 million dollars. The market capitalization fell from the initial 3 billion to close to 2 billion dollars.
A Wormhole W tokenje currently only available on Solana. But according to news, the project will soon be available as an ERC-20 token on the Ethereum network and other layer-2 networks.
Taking advantage of the opportunity, a token with a similar name, “Warmhole”, was also released, immediately after the announcement. Capitalization of the token within a short period of time it increased by 83,000 % and briefly reached $8.3 million.
Gifting on this scale is not uncommon in the crypto world. Just a few days ago, Athena distributed nearly 750 million tokens worth $450 million. As we also reported, some people became richer by almost 2 million dollars.
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