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Crypto Chronicles

Some Crypto Airdrop Safety Tips

It must seem like an age since I last logged in here to post a wee old, probably mis-informed, article about the wonders the splendiferous cryptoverse. Well, here I am. Back with some safety tips!

Yes, that’s right, I’m entering the all exciting and encompassing world of giving out safety advice to all you crytonians out there who have been indulging themselves with the recent spat of airdrops floating around the internet, specifically, Bitcoin Talk.

As the trend seems to be going at a rate like the clappers, with new altcoin airdrops popping up everyday, the likelihood of scammed or ripped off by one of these anonymous devs is getting more likely at an exponential rate.

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Since the inception of this craze (at the release of eBTC) the airdrop distribution method has been evolving from “Hey, give me your ethereum address and I’ll send you some of the coins within my contract” to “Hey, this is meant to be a free airdrop but send me some ether to join, or interact with my contract through your wallet, which ultimately leads to you sending me money and buying my coins”.

The nature of the Ethereum platform does mean that anybody, you, me, your nan, your best mate’s cat’s dog’s mate, can release their own ERC20 token and, when you examine the contracts of most of these coins, you’ll notice they are all clones of each other. Realistically the ‘developers’ aren’t developers, they’re just people who know how to copy and paste a code in a box.

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With many people actually participating in these airdrops, some actually requesting up to .01 Ether, I thought it necessary to inform you all of the potential to be scammed. It must seem obvious to some but people are actually buying into all of this, presumably people who are new to crypto currencies.

If you are a newbie, please think twice about sending your ether to some stranger on the internet as you are most likely going to end up with nothing, or some worthless token that is pumped byt the dev who disappears after making a substantial enough sum.

If, however, you do feel absolutely obliged to part with your Ethereum, or other altcoins, you may as well donate some to me here: 0x991D18Ea0194688CD1E57d04F7036d3E1d8E8aDd – I am joking but, hey, if you like what I do, you know….

As I briefly mentioned earlier, some of these so called airdrops are now asking that you use your wallet to interact with their contract in order participate in their apparent giveaway. This is also something I would advise against.

Scammers are becoming sophisticated, by unlocking your wallet and interacting with their contract you are opening yourself up to all sorts of attacks and, even in the simplest form, you are very unlikely to ever receive back anything which covers the gas you send to them.

Anyway guys and girls, the jist of this post is simple, think twice about sending your ethereum/gas to an airdrop and be safe!