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Few Crypto projects claim CoinMarketCap airdrops were fraud game

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A few Crypto projects jumped against cointracking website Coinmarketcap over unfair token distribution in the airdrop events.

CoinMarketCap (CMC) is a cointracking website, which provides real-time trade prices of crypto assets & also huge numbers of real-time information about different types of crypto exchanges. The first ranked Crypto exchange Binance acquired this platform in March 2020. To this date, CoinMarketCap is popularly known as a best cointracking website in this innovative sector.

Recently the SATT token Crypto project shared a very bad incident that happened with its project with the airdrop event with CoinMarketCap.
The SATT Token project team noted that it conducted an airdrop with CMC in December 2022. It was found that 84% of the 20,953 wallets distributed SATT tokens were transferred to only 21 Wallets.
The team noted that in this way, only $142,000 worth of SATT tokens was grabbed by those 21 wallet owners.

Few Crypto projects claim CoinMarketCap airdrops were fraud game 1
Scott claims wallet 0x929… (pictured) has over 4,500 transactions of its token, the largest it found out of the 21. Blockchain data shows the wallet sold over 4.3 million tokens through PancakeSwap. Source: BscScan

SaTT project team also did an independent investigation and found that airdrop of 18 more tokens from July 2022 on CMC was infected by fraud, where all those projects lost approximately $6.6 million worth of funds.

Another Crypto project “TokenBot token” noticed a similar kind of incident, where the team lost approximately $20,000 worth of funds.

TokenBot co-founder Shaun Newsum disclosed this incident with the Crypto news website Cointelegraph and said that in its airdrop with CMC, there were 30,000 winners, and when the team sent CMC airdrop tokens to 4000 winners then around 3,300 ended up sending the funds to one wallet.

In response to these allegations of fraud activities, a CMC spokesperson said that the distribution of the tokens in the CMC airdrop event were fully fair and there was very rare possibility of such incidents.
But at the same time, CMC officials noted that there are possibilities of bot accounts activities.

CMC spokesperson said:

“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.”

Read also: Russia will start to work on CBDC in Q1 2023

Few Crypto projects claim CoinMarketCap airdrops were fraud game

 

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