Phishing Attack Targets Ukraine’s Planned Airdrop

There have been reports about Ukraine’s crypto airdrop that had arrived early. However, it seems that the token is not related to the Ukrainian government.

According to some reports, the Ukrainian government has begun delivering “Peaceful World” tokens to those who donated cryptocurrency to help it fight Russia. Nonetheless, these tokens do not seem to be real for many reasons.

To begin with, the tokens are being distributed six hours ahead of the snapshot time that has been announced by Ukraine’s official Twitter account. Diving into more technical details, it is possible to create a snapshot by taking a record of the blockchain. The list can then compute how many tokens should be sent to each address in the subsequent airdrop. Analyzing the whole process, it would be illogical for an airdrop to be sent out before the snapshot.

According to Igor Igamberdiev, an expert researcher, several additional warning signals exist. The tokens seemed to have been sent out from the official Ukraine Ethereum wallet. However, Igamberdiev believes this was a deception on the part of the government. 

The Warnings of A Possible Fraud

According to Igamberdiev, it is easy to fall prey to this sort of fraud in which scammers send tokens that may be transferred to any address, not simply the one of the wallet’s owner. In regard, it gives the impression that the address owner relocated them, while in fact, they had no participation. Igamberdiev stated that this is how fraudsters often operate. 

Aside from that, the tokens were financed by Binance to build the contract, conduct the airdrop, and increase liquidity on decentralized exchanges.

On the other hand, an alarming concern noted by Igamberdiev seems to be on edge. It has to do with the possibility that cash at a certain location may be frozen under the smart contract. In addition, he emphasized that the airdrop’s code is wasteful unless Ukraine intends to send all contributors about the same number of tokens. In most airdrops, tokens are distributed based on a user’s participation rather than distributing tokens evenly. As per the record, the tokens are already being exchanged on Uniswap, with a total trading volume of $500,000.