According to CoinGecko’s recent data, holding a crypto airdrop for more than 14 days carries the risk of missing out on the opportunity to sell at high price levels. This suggests that participants need to carefully manage the coins they earn from airdrops.

Interest in this has significantly increased since 2020. Participants usually get free airdrop coins by attending pre-launch blockchain events or promotional campaigns. This has become a frequently used method to increase recognition of crypto projects and encourage the community.

For example, on February 1, Cointelegraph shared the story of a 17-year-old crypto investor who earned more than $1 million from the Solana-based JUP airdrop. Such examples show that airdrops can really offer significant earning potential.

According to CoinGecko’s report, about half of the 50 largest crypto airdrops in the last four years reached their peak prices within the first 2 weeks after the coins were launched, including leading projects such as Ethereum Name Service, Blur, and LookRare. This suggests that their participants tend to sell their assets quickly during this period and could make significant profits.

Among the other airdrop coins that reached their peak in the first two weeks are projects like Manta Network (MANTA), Anchor Protocol (ANC), and Heroes of Mavia (MAVIA).

Some projects reached the highest profits in just a few days, only one airdrop reached the peak price in more than a year during the last four years. For instance, Optimism (OP) took one year and seven months to reach its all-time high. At the same time, the Sweat (SWEAT) airdrop reached its all-time high in two days after airdrop and Wen (WEN) reached the highest gains in three days. However, many projects may face significant sell-offs after listing and this can lead to a rapid decline in the coin’s price.

Cointelegraph reported on February 22 that the Ethereum layer-2 network Starknet had lost approximately 60% of its value due to the dropping of millions of dollars worth of airdrop by the Ethereum infrastructure company Nethermind and airdrop farmers. In addition, people who participate in an airdrop interpret the technical problems they encounter during the claiming process as a sign of unreliability, which can cause them to contemplate selling their coins.

For instance, the amount of Arbitrum (ARB) coins transferred to exchanges in March 2023 was 150% more than the inflows to wallets, leading to a massive sell-off. This came following users encountering issues such as the claim page crashing within an hour of the start of the claim process.

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The post When Should We Sell Our Airdrop Assets? appeared first on Coin Engineer.

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Patreon users were quick to raise the alarm after receiving the emails. Also, its users immediately created posts on the X and Reddit platforms. The posts shared content that said, “Crypto users are having their email addresses registered with Patreon by scammers. These individuals then register them for malicious emails from fake crypto projects on the platform.”

Patreon Users Receive Phishing Emails Posing as the Platform

A review of the posts shows that this type of content began to appear on January 23. Users reported receiving fake airdrop offers from Patreon creators posing as Chainlink (LINK), Solana (SOL), Manta Network (MANTA), and Sui (SUI) since that date.

Crypto guys

The scammers are getting smarter and smarter.

I received the email on the left and I ignored cos I didn't register for patreon

After a few minutes, I received another mail (second frame)

I clicked and I met this (third frame).

This is clearly a scam although… pic.twitter.com/FEtKWboKvv

— King Jeremy (@JeremyofCrypto) January 28, 2024

On January 25, Support sent a post saying that the issue had been addressed and that the necessary steps were being taken. They also added that they would be reaching out to all affected accounts individually.

A screenshot of the email sent by the company but actually sent to users by scammers shows everything clearly. It explains that it was sent as part of a “malicious coordinated effort” to gain access to users’ cryptocurrency wallets and that the issue has since been “fixed.”

Si has recibido mails "raros" desde Patreon… es otro scam… pic.twitter.com/s5qGfjV4Lv

— 𝗚𝗨𝗘𝗥𝗥𝗜𝗟𝗟𝗔 (@Guerrilla_BTC) January 25, 2024

Even though the company says the issue has been resolved, X users say they are still receiving these types of emails.

A Reddit user created a post on January 28 with the title “CryptoCurrency“:

“I deleted 6 Patreon emails today, all talking about the ‘Manta’ airdrop. Obviously the extra protections are working well.“

According to a blockchain security platform, more than 324,000 cryptocurrency users were victims of phishing scams in 2023, resulting in a total loss of $295 million.

The post Patreon Users Receive Phishing Emails Posing as the Platform appeared first on Coin Engineer.