Scam airdrops are everywhere, how safe are you? Airdrop is one of the fastest techniques to get new users to crypto projects. It is also one of the ways people get rich quickly in the crypto space without spending huge amounts of money.
Interestingly, while they are promising, some of them are dangerous. Some smart guys are not relenting in using them to scam people of their hard-earned money. How do we identify scam airdrops and stay safe in this crypto boom? Should we completely avoid airdrops or not? You will learn about them in this article. Join our WhatsApp group free now to receive instant scam alerts.
However, no matter what comes on earth, some people always look for ways to gain legally or illegally. The b-guys like to scam people of their hard-earned money, assets, time and even wives. It is just the world we are in. Crypto airdrop is the order of the day currently. But how do we identify if a crypto airdrop is a scam or legit? This article discusses how to identify scam airdrops.
An airdrop is a scam if you notice these;
- Lack authentic information
- Promise huge profits with little to no effort
- Fake or unverified social media handles
- There’s no way to withdraw without a purchase
- Unnecessary request for donations
- High entry requirements
- Requests for private keys
- Unsolicited offers
- Deposit cryptocurrencies or money to a specific wallet
- Too good to be true
There are a whole lot of other technical and non-technical parameters, but for now, avoid airdrops with the above-mentioned qualities.
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How to identify scam airdrops
Lack of authentic information
Good projects don’t hide their real identities or brands. They tell you most things about them including their website address, founders, whitepaper, and many other things that users need to know about the project. Airdrops with little or no authentic information about them should be avoided.
Promise huge profits with little or no effort
Airdrops that promise hundreds of dollars without you doing more than mining should be considered fishy. The crypto market is a volatile market without much certainty even the developers may not decisively say that they control the market. Therefore, the promise of huge profit with little or no effort is suspicious. Legitimate airdrops will have a clear and detailed explanation of their goals and objectives.
Currently selling tokens
- Athene
- Pi
- Sidra
- Not coin voucher etc. You can sell to us now.
Fake or unverified social media handles
Legit airdrops have real social media handles and get their handles verified quickly. Check their Twitter, Facebook, Telegram and Discord accounts to see if they have at all and if they have, check if they are verified. Fear airdrops without verified social media handles.
No way to withdraw without a purchase
If you cannot withdraw your airdrop tokens without a purchase, ask yourself a question. If it is an airdrop, then it has to be free else there’s a skeleton in the cupboard unless where otherwise stated that the airdrop is specifically for those that supported the development of the project as seen in the Notcoin project 2024.
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Unnecessary request for donations
Most times, airdrops are not done for charity or non-profit projects. Therefore, a request for donations is unnecessary. Reconsider such airdrop before investing your hard-earned money in them in the name of donations. When they ask you to donate coins other than theirs, run without slippers.
High entry requirements
This is another red flag that indicates that airdrop is a scam. Usually, the entry requirements for an airdrop are account registration and consistent mining or performing simple tasks. If an airdrop requests a lot of personal details such as passport information, social security number, etc, such airdrop is a scam. Airdrop requires basic personal information, especially during KYC.
Requests for private keys
When I was mining Pi airdrop, I saw a Pi scam airdrop that required a Pi passphrase. The Pi passphrase is a private and secret key to accessing the Pi wallet, any Pi airdrop requesting such a private key has malicious intentions. This is just a sample. Other airdrops may request your Trustwallet or Metamask private keys. Avoid such airdrops.
Unsolicited offers
Be careful with airdrops that engage in unsolicited offers. They use these tactics to lure unsuspecting users to provide their private keys, and personal information or send cryptocurrencies to them. Good airdrops are moderate with their offers. It hardly runs into thousands of dollars, unlike the scam airdrops.
Deposit cryptocurrencies or money to a specific wallet
Some fake airdrops will request users to deposit cryptocurrencies or money to a specific wallet for one event or the other instead of the usual staking done on most legit projects. Do not deposit where you do not understand what is behind the screen.
Too good to be true
Airdrops that have elements of too good to be true must be treated with caution. The factors stated above will help you to spot a too-good-to-be-true project. It is just simple.
While these factors are generic, there are more practices that scammers will employ including sending bad links and applications. We ask that you do your studies before participating.
Conclusion
While Finbutton is dedicated to providing information on airdrops and comparing their legitimacy, we cannot assure you that we know all the legitimate airdrops or scam ones. Do your due diligence and help report fake airdrops to assist others.
