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Solana Airdrop Triggers Scams: Why You Should Be Careful With LFG

Last Updated January 3, 2024 12:13 PM
Teuta Franjkovic
Last Updated January 3, 2024 12:13 PM

Key Takeaways

  • LessFnGas (LFG) is a token which claims to promote Solana’s low transaction fees.
  • The project was airdropped to Ethereum users who had incurred gas fees totaling at least two ether (ETH).
  • Scammers were quick to exploit the airdrop, creating counterfeit websites and phishing for unwary claimants.

Supporters of Solana (SOL) often highlight the advantage of its relatively low transaction fees, particularly when compared to the gas fees required for transactions on the Ethereum (ETH) mainnet.

In a fresh marketing initiative, the introduction of LFG , or LessFnGas, a token that debuted on New Year’s Day, highlights this claim.

LFG Airdrop Targets Eth Users, But Scammers Exploit the Opportunity

This campaign specifically targets Ethereum users who have incurred gas fees totaling at least two ETH. It provides them with LFG tokens via an airdrop. Eligible wallet holders can designate a Solana address to receive this new token.

As of 9 am ET, the project announced on X  that over 45,000 wallets had successfully claimed the LFG token.

However, despite the promotion of the airdrop  by Solana co-founder Anatoly Yakovenko, scammers were quick to exploit the situation. They established counterfeit versions of the authentic domain  and attempted to phish unwary claimants, frequently through responses in related discussion threads on X.

Bill Lou, the co-founder of Nest wallet, shared his experience  in a Medium post, revealing how he accidentally authorized a transaction that resulted in the loss of 52 stETH, valued at around $125,000.

Raising Concerns About Scams and Dismissive Message

On Twitter, every post from the official account has been met with responses  from scam accounts. These conmen aim to exploit those who are not paying close attention while hunting for the airdrop.

LFG, which presently does not have any functional use, is worth approximately $0.00007 as January 3 2024. This valuation renders a successful claim to be worth about $30.

The campaign is ostensibly designed to attract Ethereum users but the dismissive nature  of its messaging has alienated some potential adopters.

LessFnGas wrote :

“We understand that ETH has led the way for many years. The fact of the matter is, the tech is outdated and for things to move forward, something must be left behind.”

The anonymous team of 10 behind this initiative has allocated 10% of the 1 trillion tokens created — currently valued at approximately $7 million — for themselves. Additionally, they have pledged a second airdrop for those who provide liquidity for the token on decentralized exchanges.

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