Airdrop is a method of distributing tokens for free to eligible users with the aim of expanding the user base, raising awareness, and encouraging trading. However, not every airdrop is safe, and it is important to know the warning signs and protect your assets.
Warning Indicators
A domain that resembles the official one with a different letter or dot, or an expired SSL certificate.
Founders without a digital history or unreliable LinkedIn and GitHub pages.
Suspicious contracts: Contract address not available on Etherscan or few transactions.
Unjustified approvals: Unlimited Approve request withdrawing all assets.
Verifying the legitimacy of the project
Review the number of transactions and user interaction on Etherscan, and look for Audit reports from known entities. Check user opinions on Telegram, Twitter, and Reddit, and follow the developers' accounts on LinkedIn and Twitter. Read the Whitepaper and the roadmap, and ensure there are clear technical details.
Common Scam Tactics
Rug Pull where founders take the liquidity and disappear.
Phishing Airdrop fake links that ask to connect the wallet.
Fake Approvals steal all assets after granting permissions.
Pump & Dump inflate the price and then dump suddenly.
Example of avoiding a scam
A project requested a Swap with a fee of 0.0001 ETH, but the domain was unofficial and the contract was not on Etherscan, so I did not participate.
Always use a separate wallet for airdrops and set an Approve value, and use Revoke tools after transactions. Monitor Audit reports before participating. Set a gas ceiling to fail fraudulent transactions.
Good luck #AirdropSafetyGuide
