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Scam Alert: This ARB Token Will Drain Your Wallet and Steal Funds

Mon, 03/20/2023 - 12:02
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Arman Shirinyan
ARB token airdrop is hot topic in crypto space right now, but hackers are becoming even more active in stealing users' funds
Scam Alert: This ARB Token Will Drain Your Wallet and Steal Funds
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In the past 12 hours, a hacker on the Arbitrum network has reportedly targeted around 2,400 wallets, sending money to these presumably compromised wallets. The attacker seems to be taking advantage of the recent hype around the Arbitrum airdrop, luring unsuspecting users into a trap.

Per recent reports, the hacker has been sending funds to wallets, which then approve the ARB token in anticipation of receiving the airdrop. The suspicious address associated with these transactions is 0x59d4087f3ff91da6a492b596cbde7140c34afb19. Users are strongly advised not to interact with this address, as doing so may result in the drainage of their funds, with no actual airdrop received in return.

This incident highlights the growing trend of hackers creating honeypots that exploit the current frenzy around airdrops and DeFi projects. Unsuspecting users, enticed by the prospect of receiving free tokens, may unknowingly interact with these malicious addresses, resulting in significant losses.

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To protect themselves from such attacks, users should always verify the legitimacy of airdrop announcements and related addresses. It is crucial to rely on official sources and avoid interacting with suspicious addresses without proper verification. Additionally, users should maintain secure wallets and be cautious of any unexpected transfers, even if they appear to be associated with a seemingly legitimate airdrop event.

The recent hacker activity on the Arbitrum network serves as a reminder for users to exercise caution in the rapidly evolving world of cryptocurrencies and DeFi projects. Ensuring that one's wallet and funds are secure, as well as verifying the authenticity of airdrop events, can help prevent falling victim to such attacks.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.