Cybersecurity Threats Emerge as Wormhole Launches $850M Token Airdrop Event
Summary:
The cross-chain bridge, Wormhole, released its governance token (W), leading to an $850 million airdrop event that attracted cybercriminals and crypto-enthusiasts alike. Since its launch, the token's value has dropped from $1.66 to $1.34 each. The event also sparked the creation of a parody token called "warmhole," which spiked in value shortly after its introduction. In response to the fraudulent activity surrounding the event, a group of cybersecurity experts, named 'SEAL 911', has been formed to combat unfolding crypto cyber threats in real-time.
The cross-chain bridge, Wormhole, has released its native governance token (W), causing a flurry of fraudulent activity with an airdrop event worth $850 million attracting cybercriminals and cryptocurrency enthusiasts. Independent blockchain investigation expert ZachXBT observed a wealth of fraudulent accounts, some donned with verified status symbols, attempting to capitalize on the announcement. The original post for the event from Wormhole founder, Robinson Burkey, subsequently fell victim to malicious activity, with dangerous links shared hours post-announcement. Despite this, the W token launched successfully with a market capitalization of approximately $2.98 billion on the decentralized stock exchange, OpenBook. The token's value has since dropped, now trading at $1.34 each. Out of all tokens, 674 million were set aside for airdrop distribution, currently standing at an estimated $896 million for eligible users. Though initially introduced to the Solana network, Wormhole reveals plans to expand to the Ethereum network and other layer-2 networks soon. The airdrop event didn't go unnoticed by meme-coin creators. A parody token called "warmhole' was launched shortly following the airdrop announcement. This memecoin quickly gained significant market value, rising from $100,000 to $8.3 million in under six hours. There have been claims that if the airdrop recipients had traded their tokens for Warmhole coins immediately, they could have become billionaires. In response to the cyber threats, a team of cybersecurity experts named 'SEAL 911' has been assembled to combat cryptocurrency cybersecurity issues in real time.
Published At
4/4/2024 4:16:38 AM
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