Airdrop Scams Continue to Surface on Layer 1 DeFi Networks

Scammer project AkSwap Protocol (AKS) has been airdropping tokens to users inviting them to connect AkSwap to their crypto wallet, allowing the scammers to completely drain user funds.

By
Robert D. Knight
on
September 16, 2021
Category:
Blockchain News

Scammers

Scam project AkSwap has been airdropping worthless AKS tokens to user wallets. The phishing attack attempts to lure users to the AkSwap website which has been designed to have the appearance of a genuine crypto project. Should users connect their wallets to the site, the scammers are then free to drain the user’s wallet.

On Twitter a number of users have been warning of the risks of connecting to AkSwap. 

“Anyone else getting this 250,000 [website redacted] airdrop? The website/dapp looks dodgy as hell -- none of the links work!” one user reported on September 11th.

Experienced crypto heads were on hand to dissect and disassemble the anatomy of the scam.

“Savvy new scam from #akswapio that airdrops 250k tokens into your wallet. They set up a uniswap pool so the tokens appear to have value when viewed in rainbow wallet, etc. Tries to con into "swap" for eth on their site, requires a txn that gives them power to drain your wallet,” explained Mike Dundas via Twitter on September 12th.


A Growing Problem

This latest scam follows on the heels of a number of other similar attacks and scams. As we reported in July, fake airdrop scams are not uncommon. Other airdrop scams include Minereum (MNEB) and VeloChain (VELO). While the exact anatomy of the scam varies, in each case the scam project airdrops worthless tokens to users as a way of enticing them to interact with bogus protocols. 

The AkSwap Swap page. If you see this, run!

What Should I Do?

If you find a mysterious token airdropped to your wallet it is most likely a scam token. The good news is that you don’t need to do anything to protect yourself from this type of attack. The tokens themselves are harmless and can simply be ignored.

Airdrop scams only work because they encourage users to interact with protocols and approve smart contracts which are dangerous. Users who don’t go to the site and don’t approve the dangerous smart contract are in absolutely no danger.

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Robert D. Knight

Robert D. Knight is an experienced journalist and copywriter who has been working in crypto for 4+ years. His bags are heavy in ETH and BTC, plus he also hodls some smaller cryptocurrency.

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