Unusual Scam: Malefactors Airdrop Tokens of Defunct Project

While dozens of scams are popping up here and there on Twitter, this is a special one: it abuses the name and the logos of the abandoned project and even asks users for the wallets on the wrong blockchain.

Scammers offering tokens of now-defunct Serum

On Nov. 29, 2022, an unusual scam airdrop campaign was launched on Twitter. Malefactors are pretending to be distributing SRM, a key native cryptocurrency of Solana's DEX Serum.

To claim one of the prizes — of up to 20,000 SRM — users should visit the airdrop site and save their wallet data. Despite the fact that Serum is Solana's ecosystem project, scammers are asking for Ethereum (ETH) wallet data.

The fraudsters promote the campaign as an airdrop for "active Ethereum blockchain users." Needless to say, this is a blatant phishing scam website.

But the most interesting thing about this is the fact that the developers of Serum (SRM) announced one week ago that its operations are ceased and all mainnet activity is "defunct."

What's next for @ProjectSerum

With the collapse of Alameda and FTX, the Serum program on mainnet became defunct.

As upgrade authority is held by FTX, security is in jeopardy, leading to protocols like @JupiterExchange and @RaydiumProtocol moving away from Serum.

— Serum (@ProjectSerum) November 29, 2022

Regarding the future of SRM token, the developers stated that it remained uncertain.

Serum DEX (SRM) did not survive FTX collapse

Serum, one of the first DEXes on Solana (SOL) blockchain, collapsed following the catastrophe of FTX exchange and Alameda Research VC firm.

Developers proposed the release of a community-driven fork, but its status is unclear as well. Ironically, the scammers retweeted the original announcement about Serum DEX being stopped trying to make their fake account look like the regular one.

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As covered by U.Today previously, FTX founder Sam Bankman-Fried had aggressively promoted Serum (SRM), Raydium (RAY) and some other Solana assets, but then these tweets disappeared from his accounts.

At press time, Serum DEX Token (SRM) is changing hands at $0.24 being 98.9% down from ATH.