Airdrops: Free Tokens or Hidden Traps?
Airdrops: Free Tokens or Hidden Traps?
💸 Free money trap
Airdrops promise free cryptocurrency tokens but come with significant risks that could drain your wallet.
How airdrops work:
- Projects distribute free tokens to promote adoption
- Recipients typically need to hold certain tokens or complete tasks
- Can result in substantial gains for early participants
The reality check:
- Many airdrops are worthless or scams
- Fake airdrops steal private keys and drain wallets
- Even legitimate drops may have tax implications
Red flags to watch:
- Requests for private keys or seed phrases
- Upfront fees or gas payments
- Unverified social media accounts
Safety guidelines:
- Research projects thoroughly before participating
- Use separate wallets for airdrop activities
- Never share sensitive wallet information
- Verify official channels and announcements
While some airdrops have created millionaires, the landscape is filled with scams targeting inexperienced users.
💸 Free tokens? Not so fast. Airdrops can change your life - or drain your wallet overnight. We unpack the playbook: how they work, the big wins, the scams, and how to stay safe. cow.fi/learn/airdrops… 👆
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