May 23, 2024
Chinese Police Capture StarkNet Airdrop Forger
Latest Cryptocurrency News

Chinese Authorities Capture StarkNet Airdrop Forger

Chinese authorities have apprehended an individual suspected of identity forgery in connection to the StarkNet (STRK) airdrop. The suspect allegedly assumed multiple identities, submitting over 40 fraudulent Early Community Member Program (ECMP) airdrop forms, and acquiring over 40,000 STRK tokens originally owned by the victims.

The Alleged Scheme Unveiled

After successfully obtaining the tokens, the suspect reportedly transferred them to an OKX wallet, where they were converted into more than $91,000 worth of Tether (USDT), as per an April 30 local media report. The arrest of the suspect, identified as Lan Mou, occurred in the Guangdong Province on April 25, during which authorities seized a computer and two mobile phones.

Starknet Ecosystem Source: Starknet

Unprecedented Case of Identity Theft

While cryptocurrency scams and phishing attacks are prevalent, the scale of identity theft observed in this case is unprecedented. Claiming other users’ airdrops on such a large scale marks a unique occurrence in the crypto space. A crypto airdrop typically distributes new cryptocurrency, often targeting early users who engaged with a specific protocol.

The StarkNet Foundation initiated a 700 million STRK token airdrop on Feb. 20, aiming to reward various participants such as Ethereum solo and liquid stakes, Starknet developers, users, as well as external projects and developers beyond the Web3 ecosystem. The initial phase of the airdrop witnessed significant interest, with the first 45 million STRK tokens claimed in less than 90 minutes.

In February 2024, concerns were raised by pseudonymous Yearn. finance developer Banteg regarding the eligibility list for the StarkNet airdrop. Banteg warned that the list primarily consisted of airdrop squatters, individuals who specialize in farming protocols with upcoming airdrops to maximize profits. Allegedly, over 700,000 of the 1.3 million eligible wallet addresses were associated with repeat or renamed GitHub accounts controlled by airdrop squatters, who often employ multiple addresses to amplify rewards.

This incident underscores the ongoing challenges faced by cryptocurrency projects in ensuring fair distribution mechanisms and combating fraudulent activities within their ecosystems.

Image by user6702303 on Freepik

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