With Ethereum Layer 2 scaling solution Arbitrum successfully broadcasting its tokens to users on March 23rd, malicious players are seeking to profit from the hype surrounding the project.
Blockchain security firm CertiK reported on March 25 that a phishing link had been posted on the Arbitrum Discord server. According to a screenshot from the server, the scammer claimed that Arbitrum users could “claim an additional stake in Arbitrum DAO governance.” To confirm their eligibility and claim tokens, users were asked to click on a link that misspelled Arbitrum as “Arbitrum”.
These intentional spelling errors are common among phishing links, as unsuspecting users will not notice the difference. Clicking on the link leads to a blank page containing only the words “Astaghfirullah”, which means “I seek forgiveness from God.”
As of press time, it was unclear whether anyone’s wallet was compromised.
Meanwhile, Certik warned users not to click on any Discord link until the Arbitrum team has regained control of the servers.
Scammer makes $24k from fake ARB tokens
On the other hand, on-chain sleuth LookOnChain reported that a scammer’s fake ARB token saw over $24,000 in transaction volume on the decentralized exchange (DEX) Uniswap. The blockchain explorer advises the community to be careful when trading ARB.
In addition, several phishing links have also been shared on Twitter, with some creating fake accounts for the Arbitrum Foundation to market their scams.
Nearly 1 billion ARB tokens have been claimed
At press time, roughly 520,000 addresses have claimed nearly 1 billion ARB tokens, according to data from Nansen. This means that only 110,000 addresses out of 625,143 eligible have not claimed their tokens yet. The Arbitrum Foundation said the claim period would last for six months.
Arbiscon data shows that the success of the airdrop pushed the network transaction volume to an all-time high of 2.7 million, double the Ethereum mainnet volume as of March 23. The airdrop also led to a blossoming of decentralized finance activity on the network. The total value of assets locked on the network increased to $5.83 billion – up 50%.
Meanwhile, Arbitrum’s ARB is trading at $1.27 after a 12.5% drop in the last 24-hours. The token is down 85% from its high of $11, according to BeInCrypto data. The drop in prices was caused by early claimants who dumped their holdings.
BeInCrypto has reached out to the company or individual involved in the story for an official statement regarding the recent developments, but has not yet received a response.