The Arbitrum Foundation, a popular Ethereum L2 scaling solution, announced the launch of its governance token ARB on March 16. However, scammers have taken advantage of the excitement surrounding the launch to create almost three hundred phishing websites that advertise a fake Arbitrum airdrop. The foundation plans to give away 12.75% of the token initial supply via an airdrop on March 23, which has attracted multiple scammers actively trying to deceive crypto users through phishing.
🚨 The #Arbitrum airdrop has been announced, and with it comes an influx of phishing sites looking to scam users.
🕵️♂️ #ScamSniffer has already detected 273 phishing sites related to Arbitrum. The number is growing, stay vigilant! ⚠️
— Scam Sniffer (@realScamSniffer) March 17, 2023
Arbitrum Foundation warns the crypto community against phishing scams
The Arbitrum team has urged the crypto community to be cautious and follow only trusted links to avoid falling for the scammers’ traps. The foundation warned that the airdrop has not yet begun, and users should be wary of any fraudulent websites that claim otherwise. Blockchain security companies have also alerted their customers about fake websites impersonating the official ARB airdrop website.
Fake Twitter accounts and phishing websites reported
Blockchain security firms, such as CertiK and Redefine, have reported that scammers have created fake Arbitrum Twitter accounts and phishing websites, respectively. These malicious actors often request access to users’ funds through phishing websites that can potentially drain a wallet. In addition, Reddit users have reported an increasing number of scams targeting the upcoming ARB airdrop. Users have been advised to check the user profile and hover over the link to verify its authenticity.
Arbitrum’s governance token aims to balance decentralization and centralized intervention
Despite the scammers’ efforts, the Arbitrum team is optimistic about the future of its governance token. The foundation believes that ARB will help balance decentralization and the need for centralized intervention, which is critical for maintaining the network’s upgradeability. Furthermore, developers can use the token to enhance the infrastructure and quickly patch any identified vulnerabilities.
The launch of Arbitrum’s governance token ARB has attracted multiple scammers trying to deceive crypto users through phishing. As the excitement surrounding the launch grows, so do the number of fraudulent websites and fake Twitter accounts. The Arbitrum team has urged the crypto community to be cautious and follow only trusted links. Blockchain security firms and Reddit users have also reported these scams and provided recommendations to avoid falling victim to them. The ARB governance token aims to enhance the infrastructure and patch any vulnerabilities, further strengthening the network.
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