CoinMarketCap-led token airdrops ‘infected by fraud,’ crypto project claims

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CoinMarketCap-led token airdrops ‘infected by fraud,’ crypto project claims
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Malicious actors have been gaming CoinMarketCap's token airdrops, providing the exploiters with a healthy $6.6 million in crypto since July 2022, a crypto project claims.

airdrops conducted by CMC since Jul. 2022 that were also allegedly “infected by fraud” to the tune of $6.6 million.SaTT theorized two possibilities of how the “fraud” occurred:

“Either a group of hackers injected tons of fake accounts [into the airdrop on CMC’s website] [...] or it was actually an inside job.”Speaking to Cointelegraph, a CMC spokesperson addressed some of these claims, arguing that at least four of the projects identified by SaTT have yet to distribute rewards, meaning it would be “impossible” for them to have faced “malicious” activity.

It also noted that while three projects, including SaTT, AgeOfGods and TokenBot have spoken to the CMC team about their concerns, it has not received any communications from other projects about the alleged issues.“The industry has been facing this issue among airdrop programs for some time and the reality is that not a single industry has been able to solve the bot issue entirely.”

“We are continuously working to improve our systems and services to limit this issue and will work closely with these projects to find solutions and help resolve any current issues,” the spokesperson added.

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